Bitcoin miners looked to be the typical users of the state’s supplementary services.
During the Texas winter storm in December 2022, Bitcoin miners restored up to 1,500 megawatts of electricity to the grid’s misery. It was made feasible by the adaptability of mining operations and the state’s provision of supporting services.
In a statement to Satoshi Action Fund, Lee Bratcher, president of the Texas Blockchain Council, revealed that miners restored up to 1,500 megawatts to the Texas power system. According to the estimations of the Bitcoin advocacy organization, this quantity of energy would be sufficient to heat “more than 1.5 million small houses or maintain 300 major hospitals at full capacity.”
The worldwide Bitcoin mining hash rate decreased by 30 percent on the 24th and 25th of December, 2022. There is no information on the particular time period in which miners amassed such a large quantity of computing power. Miners looked to be the model users of ancillary services in the state, which encourages consumers to minimize their use during peak demand to stabilize the grid.
The strong winter storm in North America stopped down Binance’s cloud mining products from December 24 to December 26. A “bomb cyclone” blasted high temperatures throughout the United States in the days leading up to Christmas, leaving millions without power and taking scores of lives.
The Electric Reliability Council of Texas (ERCOT) developed an interim mechanism in March 2022 to guarantee that new big loads, such as Bitcoin miners, may join the ERCOT grid. In addition, software companies have started collaborating with miners to guarantee they have the necessary capabilities to support grid balancing.
Texas is among the leading states for Bitcoin mining in the United States, with New York (19.9%), Kentucky (18.7%), and Georgia (17.7%), with a 14% share of the Bitcoin hash rate.
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