tech businesses, Rhodes says, attracted to the state’s low energy prices. Rhodes doesn’t feel the politicians in power in Texas are very interested in dealing with the fact that crypto mining is negatively affecting the grid, he adds. Texas Sen. Ted Cruz hasthat crypto mining keeps the grid more stable because they can simply turn it on and off as needed to support demand from varying too much.
The report states that crypto companies like Whinstone, Core Scientific, Argo Blockchain, and Lancium receive long-term energy contracts that provide them “cheap wholesale energy.” These companies can then sell back to the grid at massive mark-ups whenever they please. They can purchase the energy at a low price through these contracts and, during times of high demand, power off and sell the energy they would have been using back to the grid. These contracts can last as long as a decade.
How is bitcoin mining pushing the grid to its limits if miners are off during high demand and on during low demand?
If only we had seen this coming. Then again, If capitalism is truly the great salvation of Western civilization, now is the time for it to flex its muscles. Let's bring cheap, efficient, carbon neutral products to the market as if we were in a war for our life, because we are.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: cleantechnica - 🏆 565. / 51 Read more »