- July 20, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
An industry body announced on Wednesday that major bitcoin mining facilities in Texas have resumed operations following power outages earlier in the month caused by hot temperatures that triggered a rise in electricity use.
According to sources, operators ceased mining operations in the face of a massive increase in electricity use caused by rising temperatures that prompted locals to use their air conditioners nearly round the clock.
Suggested Reading | Bitcoin Can Still Hit $500,000 In 5 Years, According To This Wall Street Veteran
According to SATO’s co-founder, chairman, and chief executive officer, Romain Nouzareth:
“It’s crucial to control the grid where you are… we strive for performance, which we get through clean energy and the way we manage our computers to make them work by doing one thing—setting our digital property in stone every 10 minutes.”
Texas Heatwave Registers New Record
The weekend heat in the Lone Star State broke long-held records as a scorching heatwave registered triple-digit temperatures.
As temperatures in central Texas reached 110°F on Tuesday, the state’s power system operator issued a warning that rolling blackouts were “likely” in the following days and asked consumers and businesses to reduce energy consumption.
Lee Bratcher, president of the Texas Blockchain Council, reported that all miners are back online as of several days ago. He said that the Electric Reliability Council of Texas has resumed normal operations with more than 3,000 megawatts of excess capacity on the grid.
Thousands Of Mining Rigs In Transit To The Lone Star
Meanwhile, thousands of bitcoin mining machines are en route from China to Texas, as part of a multi-month migration, as Texas Governor Greg Abbott makes wooing the Bitcoin industry a centerpiece of his 2022 re-election effort.
Texas will play a big part in the cryptocurrency sector as the Chinese government drives bitcoin mining operations to relocate or go underground, allowing Texans to capitalize on China’s missed chance.
Suggested Reading | Scaramucci’s SkyBridge Stops Withdrawals In Fund – Liquidation In The Offing?
BTC total market cap at $454 billion on the daily chart | Source: TradingView.com
Bitcoin Mining In Texas Flourishes
The shutdown released 1,000 megawatts of electricity, which is approximately 1 percent of the total grid capacity of the state.
In general, Texas – with a population of around 29 million as of 2020 – remains an interesting place for Bitcoin miners, as the United States continues to dominate as the world’s biggest Bitcoin mining hub following China’s ban on the industry last year.
Currently, the U.S. is examining various legislative options that could give direction to the Bitcoin mining industry. The White House has already authorized a study on Bitcoin mining’s climate impact.
Featured image from Fierce Healthcare, chart from TradingView.com
