Cryptocurrency mining requires huge amounts of electricity, prompting concerns over the industry’s environmental impact — and whether Texas's grid can keep up.
that the efforts of residents and businesses earlier in the week “helped ERCOT successfully meet record power demand by reducing their energy use by 500 MWs,” or megawatts.Although mining companies are among the businesses that were asked voluntarily to save power, “this is no requirement for them to conserve,” ERCOT said in a statement to The Post.
Some companies have enrolled in programs offered by ERCOT, which pay large electricity consumers for not using power during periods of high demand, Rhodes said. The price of electricity also climbs when the power supply is limited. With extreme weather events becoming increasingly common, asking cryptocurrency operations to shut down for certain periods might be viewed by some as a possible solution to help avoid overtaxing electricity grids.
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