US bitcoin miners relieve power grid during cold snap

Texas bitcoin miners have stopped operations to relieve the electricity network strained by the cold snap.

Bitcoin miners, the asset of energy companies

According to the Braiins pool, the hashrate fell at the start of the week to 394 EH/s, compared to nearly 525 EH/s on average over the last thirty days. That’s a drop of 25%.

Miners pointing their hash harvest to Foundry USA Pool are responsible for about 50% of the drop. The American pool went from 155 EH/s on Friday to 77 EH/s at the start of the week according to MiningPoolStats.

The hashrate is expressed in EH/s, that is to say in billions of billions of hashes per second. These hashes are produced by miners who forge the Bitcoin consensus with gigawatts of encrypted energy: the “proof of work”.

The 25% drop in hashrate is therefore almost half the result of the shedding agreements between Texan miners and ERCOT, the equivalent of the French electricity transmission network RTE. In exchange for stopping operations, miners get electricity credits. This way, everyone benefits.

Riot mines, for example, only 50% of the time in July, when electricity demand is high for air conditioning. Currently, it is the demand for electricity for heating that is to blame.

The hashrate reduction means more than four gigawatts (four nuclear reactors) have been returned to the grid globally, reports TheMinerMag.

As we wrote in this article:

“In the eyes of energy companies, the bitcoin industry is an important source of income. Being able to set up anywhere, miners often consume electricity that no one needs. They are a financial crutch to accommodate the arrival of intermittent sources of electricity such as wind power and photovoltaics.

Cherries on the cake, miners can fade quickly during peak electricity demand. They can also fight against global warming by recycling methane from oil platforms too far from civilization for it to be profitable to exploit it. »

Let it be said, bitcoin miners are an opportunity for energy companies.

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