Texas Crypto-Mining Rush May Need as Much Power as New York
Texas has been known as the promised land for Bitcoin miners. Between stable regulations, business-friendly politicians, and an apparently boundless energy supply, miners flocked to the state in droves. But, now, the tide has turned with the state's grid operator (the Electric Reliability Council of Texas) slowing the issuance of new permits. In an attempt to balance Texas's demand and supply of electricity, the grid operator is limiting the number of miners. It's estimated that crypto miners account for about 1.2 gigawatts of electricity demand in Texas, enough to power 240,000 homes. Requiring enough electricity to power the state of New York, the crypto miners are under watch in Texas.