Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Amid power grid concerns, Texas lawmakers change tune on bitcoin mining
(WFAA) ^ | June 13, 2024 | Matt Houston

Posted on 06/14/2024 12:41:38 AM PDT by Oscar in Batangas

Few states or countries were more welcoming to cryptocurrency miners than Texas. Now, lawmakers are expressing more skepticism.

...

"Why is it that the cryptocurrency miners get such a sweetheart deal when we were here first?" asked energy economist Ed Hirs.

"The cryptocurrency miners operate as a parasitic load," Hirs continued. "They're the tapeworms of the ERCOT grid."

...

"I'm not sure how the legislature is going to deal with it," Hirs said. "Can you put the genie back in the bottle?"

...

(Lee) Bratcher argues people who do not believe in Bitcoin can still appreciate the mining operations because they're "soaking up excess energy, particularly in West Texas, where we have more energy than demand."

"They're also soaking up energy off-hours, overnight and in shoulder months... when we actually need additional demand to incentivize more generation," he continued.

(Excerpt) Read more at wfaa.com ...


TOPICS: Business/Economy; News/Current Events; US: Texas
KEYWORDS: crypto; ercot; shortageworries
Texas' energy demand may expand by the equivalent of 40 nuclear power plants by 2030. Where are the construction sites?

The battle over limited resources because of short-sighted energy planning is on our horizon.

Is this another case of a legislature changing its mind in the middle of an expensive on-going project

1 posted on 06/14/2024 12:41:38 AM PDT by Oscar in Batangas
[ Post Reply | Private Reply | View Replies]

To: Oscar in Batangas

“Is this another case of a legislature changing its mind in the middle of an expensive on-going project?”

It is too easy for governments to just set policy and force everyone to follow along. And then when they change policies, people and businesses are stuck.

The free market might be slow to respond to some things, but businesses usually do a lot of forecasting and risk analysis so they can make a profit.

IIRC, “Atlas Shrugged” at a lot of this, with the companies trying to keep up with all of the various governmental mandates. Just like today, some companies pop up and do substandard work and raise capital to pursue solar or windfarms, get government checks, and then go out of business. While the REAL energy producers are told to reduce CO2 output, remove dams, etc.


2 posted on 06/14/2024 1:00:11 AM PDT by 21twelve (Ever Vigilant. Never Fearful.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oscar in Batangas

We can reduce energy consumption all around after deporting 70 million illegal alien parasites drawing from the grid.


3 posted on 06/14/2024 2:23:22 AM PDT by KobraKai
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oscar in Batangas

ERCOT has been busy wasting ratepayers money building solar panels and windmills that get wiped out by hailstorms and high winds.


4 posted on 06/14/2024 4:48:19 AM PDT by Carl Vehse (Make Austin Texas Again!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oscar in Batangas

“I’m not sure how the legislature is going to deal with it,” Hirs said. “Can you put the genie back in the bottle?”

Why not require Bitcoin miners generate the electricity they use?


5 posted on 06/14/2024 5:16:04 AM PDT by TheDon (Resist the usurpers! Remember the J6 political prisoners!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oscar in Batangas

The population of Texas, legal or not has exploded. The consumption of energy has increased with it, the powers they be have decided that Texans should worry about their prospects of energy availability at peak times.

Crypto mining is akin to burning your food[Corn] etc to produce ethanol for fuel. But, there is also the idea of who has these mines and if they are foreigners or connected to the chinese .gov or other groups.

This N.Y.U. Student Owns a $6 Million Crypto Mine. His Secret Is Out.

6 posted on 06/14/2024 5:39:25 AM PDT by Theoria
[ Post Reply | Private Reply | To 1 | View Replies]

To: TheDon

Mining can’t be more than 0.01 %

Insignicificent time waste


7 posted on 06/14/2024 5:40:12 AM PDT by George from New England (escaped CT back in 2006)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Oscar in Batangas
"The cryptocurrency miners operate as a parasitic load,"

Stupid statement. They pay for it just like everyone.

8 posted on 06/14/2024 5:51:05 AM PDT by TangoLimaSierra (⭐⭐To the Left, The Truth is Right Wing Violence⭐⭐)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oscar in Batangas

If we deported all the illegals, that would solve the problem also.


9 posted on 06/14/2024 8:34:59 AM PDT by packrat35 (Pureblood! No clot shot for me!)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson