Texas Bitcoin Miners Bail As Record Heat Alters Economics
— Mining, Energy, Power, Bitcoin, Bail, Alters, Operations, Shut, Grid, States — 1 min read
Texas bitcoin miners halt operations as heatwave ransacks the Lone Star State's power grid. The collective move has freed up over 1,000 megawatts of electricity, about 1% of the Texas grid, for commercial and retail users. Texas became a hub for bitcoin miners in the United States after China expelled all industrial-sized operations last year, taking advantage of the state’s cheap land and electricity prices. With the mining cost at about $16,647.79 per bitcoin BTC in the state against a price hovering around the $19,900 mark today, some miners are seeing more profit in halting operations and returning their energy back to the grid than mining bitcoin than turning off their mining rigs. In February of this year, when temperatures in Texas once dropped to freezing, miners also shut down their operations Source