TexasAuthorities in , believe that crypto mining operations can implement mutually beneficial practices with the energy industry.
US left open by China at the end of June 2021 bitcoin It filled the vast gap in (BTC) mining. Despite rumors of high power consumption, in Texas, one of the fastest growing crypto mining centers in the US, officials believe crypto mining can create mutually beneficial work with the energy sector.
Texas Wants To Do Pro-Crypto Mining Businesses
Texas ComptrollerIn a news release, the state revealed its pro-crypto stance with the intention of hosting long-term miners and operators. bitcoinClarifying the common misconception about energy use, the financial memo emphasized that, unlike “manufacturing plants or industrial chemical plants that are expected to exist for the next decades,” cryptocurrency mining facilities do not impose large electrical loads on the grid.
Concerns about power demand remain as crypto miners move to Texas, as the sudden surge threatens to upset the balance between supply and demand. While other industries with high energy needs often continue to produce amid market fluctuations, the Texas-based research assistant Josh RhodesOne of the concerns expressed in the newsletter was:
“The difference is that Bitcoin mines (mining facilities) can be started very quickly and finished very quickly depending on the Bitcoin price”
Given the unique location of the crypto mining market, Texas officials believe that miners can participate in demand response programs. This is a program that includes power off during energy-intensive times, such as petrochemical plants.
