While the heavy power consumption by the Bitcoin network has been a matter of concern for many governments around the world, Texas is reportedly witnessing a boom in bitcoin mining activities. “To the moon” for price has become “skyrocket hashrate!”
According to the industry group Texas Blockchain Council, there has been a rise in miners’ power demands in the state. The president of the top-grade group Lee Bratcher revealed that the bitcoin miners currently use around 2,100 megawatts on Texas’ power grid. Notably, this power consumption increased 75% in 2022 and was nearly triple that of 2021.
As per the data from the Electric Reliability Council of Texas (ERCOT), these demands are around 3.7% of the Lone Star State’s lowest peak load this year.
Underlining two major bankruptcies and other miners scaling back developments, Bratcher stated, “there’s been some challenges with the Bitcoin mining industry.”
Though the industry is facing new federal regulations with New York banning mining activities that use power generated by fossil fuels, some countries in Texas have offered tax incentives. Interestingly, bitcoin miners continue to be attracted to the state’s wind and solar power, which is expected to supply around 39% of ERCOT’s power needs this year.
Note also that the Bitcoin Mining Council (BMC) released a report last year that revealed a 59% annual rise in the digital money’s sustainable energy portfolio, making the bitcoin mining industry “one of the most sustainable in the world.”
