What happened to the promised land for bitcoin (BTC) miners? Texas was considered a crypto business-friendly state. It offered stable regulations and a supposedly inexhaustible supply of energy. But, it seems that the situation has changed.
More energy for bitcoin miners?
The state grid operator, Electric Reliability Council of Texas, has reduced the frequency of issuing new connection permits. This is because miners can no longer connect to the network as expected. These are statements made by Steve Kinard, director of bitcoin mining analytics at the Texas Blockchain Council (TBC). The TBC is an industry association. And the Ercot (Electric Reliability Council of Texas) slowed down the operation to balance the state’s electricity demand and supply.
Thus, electricity is no longer as readily available in Texas. Bitcoin miners are forced to set up energy infrastructure to connect their machines to. The installation of these infrastructures made of generators and power lines requires a lot of time. Steve Kinard said:There are very few sites, if any at all, where one can show up and get hooked up without any work“.
It turns out that even small sites consuming around 10 megawatts (MW) have to work if they plug into a site. Kinard added that “many people have searchedto have access to electricity in Texas. But, now, there are no more. Meanwhile, Ercot revealed that 33 gigawatts (GW) of Bitcoin mining projects are awaiting permits. As of mid-July, there were 27 gigawatts (GW) of projects on hold.
Texas seems to have exhausted its electrical energy reserves. A large number of miners are waiting to plug into the country’s power grid. According to Kinard, the pending mining projects are numerous because the same project can have two applications under its belt.
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