Cryptocurrencies
Bitcoin Miners Shut as Texas Power Grid Nears Brink
- Almost all large Bitcoin miners have shut down as demand peaks
- Over 1,000 megawatts load is released from mining operations
Riot Blockchain’s Whinstone mining facility in Rockdale, Texas.
Source: Riot BlockchainThis article is for subscribers only.
Nearly all industrial scale Bitcoin miners in Texas have shut off their machines as the companies brace for a heat wave that is expected to push the state’s power grid near its breaking point.
Miners such as Riot Blockchain Inc., Argo Blockchain Plc and Core Scientific Inc., who operate millions of energy-intensive computers to secure the Bitcoin blockchain network and earn rewards in the token, flocked to the Lone Star State thanks to its low energy costs and liberal regulations on crypto mining. The state has become one of the largest crypto-mining hubs by computing power in the world.