Texas is on the brink of an Arctic blast that is forcing crypto miners to shut down their operations ❄️
Texas is on the brink of an Arctic blast that is forcing crypto miners to shut down their operations — raising questions about the state's suitability to serve as a Bitcoin mining hub.
Bloomberg has reported that Texas Governor Greg Abbott met with crypto executives last fall — requesting them to power down during the cold winter months to stop the electricity grid being overwhelmed.people were left without electricity, some of them for days, causing an estimatedAlthough Texas is appealing because of low energy costs — and the U.S.
Bitcoin's price has been known to fall sharply whenever a large amount of the total computing power fueling the network falls offline — as seen when China banned mining, and when unrest in Kazakhstan led to internet blackouts. Abbott has warned that "no one can guarantee" that the lights will stay on for everyone as a cold front moves in. Power lines could be downed by ice, and the supply of natural gas is also being affected by the freezing weather.
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