Energy Returned by Bitcoin Miners in Texas Could Power 1.5M Homes
During the winter storm in Texas in December 2022, Bitcoin mining operations returned up to 1,500 megawatts of energy to the local grid.
This is due to the flexibility of mining operations and the ancillary services provided by the state. The Texas Blockchain Council estimates that this energy would be enough to heat over 1.5 million small homes or keep 300 large hospitals fully operational. It is still being determined over what period miners were able to generate this amount of power, but the global Bitcoin mining hash rate dropped by 30% on December 24–25.
In March 2022, the Electric Reliability Council of Texas (ERCOT) implemented an interim process to allow new large loads, including Bitcoin miners, to be connected to the ERCOT grid. Software providers have also been working with miners to provide the tools for proper grid balancing. Texas, with its 14% share in Bitcoin hash rate, is one of the top states for Bitcoin mining in the US, along with New York, Kentucky, and Georgia.
Severe Winter Storm Affects Bitcoin Mining in North America
A severe winter storm in North America disrupted Bitcoin mining operations in the region. The “bomb cyclone” caused extreme temperatures and left millions without electricity, resulting in the temporary shutdown of Binance’s cloud mining products from December 24–26. The storm also claimed dozens of lives. Despite the challenges posed by the storm, Bitcoin miners in Texas were able to return up to 1,500 megawatts of energy to the grid through their flexibility and the use of ancillary services.