Bitcoin (BTC) mining operators returned 1,500 MW of power to the beleaguered local grid during a December 2022 winter storm in Texas, This was possible due to the flexibility of mining operations and ancillary services provided by the state authorities.
In his remarks to the Satoshi Action Fund, Lee Bratcher, president of the Texas Blockchain Council, said that the miners fed back up to 1,500 MW to the Texas grid. This amount of energy would be “enough to heat more than 1.5 million small homes or keep 300 large hospitals fully operational.”According to calculations by the Bitcoin Advocacy Group.
Although there are no details on how much energy the miners have stored, The global bitcoin mining hash rate dropped by 30% on December 24 and 25, 2022. Miners appear to be part of the ancillary services model in the state, incentivizing customers to reduce their consumption during peak demand in order to stabilize the network.,
The winter storm in North America was so severe that it shut down Binance cloud mining products from December 24-26. In the days before Christmas, a “bomb cyclone” unleashed extreme temperatures across the United States, leaving millions without power and killing dozens.,
In March 2022, the Electric Reliability Council of Texas (ERCOT) established an interim process to ensure that new large payloads, such as bitcoin miners, can connect to the ERCOT network., Software vendors have started working with miners to ensure they have the necessary equipment to properly enable grid balancing.
With its 14% share of the bitcoin hash rate, Texas is one of the top states for bitcoin mining in the United States.along with New York (19.9%), Kentucky (18.7%) and Georgia (17.3%).
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