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Texas Sees Benefits of Bitcoin Mining for the Energy Industry

Mining rigs do not need an uninterrupted supply of electricity, so their long-term placement in Texas could be beneficial to the energy industry. This is reported by the State Audit Office.

In a published note, Webber Energy Group researcher Joshua Rhodes explained that miners in Texas were impressed by the low cost of electricity and the fast process of connecting equipment to the system.

He said that although energy-intensive, cryptocurrency mining offers a potentially useful link between energy consumption and energy production.

Miners can participate in demand response programs that involve going offline during peak periods.

“Demand and supply work together, so if a miner stops using electricity, it will help meet the growing demand on the network and improve network stability,” Rhodes said. Said.

Additionally, enabling cryptocurrency mining could encourage the creation of additional energy infrastructure. Mining businesses are often located near wind and solar power plants, which offer lower tariffs. This practice is common in remote areas of West Texas, for example.

“If cryptocurrency mining increases in this region, the price of electricity may increase, which will accelerate the construction of new stations,” the expert said.

The main difference between mining and large industrial enterprises, according to Rhodes, is that “capacity for it can appear and disappear just as quickly depending on the price of bitcoin.”

Data: Digital economist.

The scientist added that cryptocurrency mining could potentially encourage renewable generation, depending on the signing of long-term contracts with electricity suppliers.

“If miners are willing to be flexible, for example by participating in a controlled load sourcing program, they can become a valuable asset to the network.”

In parallel, Texas officials are discussing the reuse of excess gas for cryptocurrency mining to reduce harmful emissions.

A day ago, an analyst at Arcane Research had predicted a tenfold increase in the annual energy consumption of the Bitcoin network by 2040, provided the price of the first cryptocurrency reaches $2 million.

Recall that last week, members of the U.S. House of Representatives Energy and Commerce Committee sent a request for data on the environmental impact of the activities of Core Scientific, Riot Blockchain, Marathon Digital, and Stronghold Digital to mining companies.

Earlier, an analyst from Capriole Investments stated that the surrender phase of bitcoin miners is complete.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log

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