By 2023, Bitcoin mining power demand in Texas may increase 5 times

As Texas faces a rapid influx of Bitcoin mining operations, its power infrastructure will have to support the industry’s expected 5,000 megawatts (MW) of additional power demand by 2023.

The Bitcoin mining industry in Texas currently consumes approximately 500 to 1,000 megawatts of electricity. The Texas Electric Reliability Commission (ERCOT) predicts that by 2023, demand may increase five-fold, and plans to increase it by another 3,000 to 5,000 megawatts. report.

This expansion is planned to become Owns 20% of the global Bitcoin mining business. Texas becomes Bitcoin miners’ preferred destination since The Chinese government officially bans Bitcoin mining Earlier this year.

The state government has used China’s repressive measures to turn Texas into a safe haven for crypto miners, who can now enjoy 10 years of tax relief, sales tax credits, and state-sponsored labor training.

However, some residents in Texas worry that the existing power grid cannot be improved. ERCOT’s management of the state’s power grid was under strict scrutiny in February 2021, when power outages plagued the area during the extreme cold current, causing approximately 5 million residents to lose power for several days.

A sort of report The report issued by ERCOT on November 19 failed to inspire confidence that the power grid problem has been resolved.Texas Observer reporter Amal Ahmed Tweet November 22,

“The new seasonal assessment report (basically a forecast) from ERCOT seems to indicate that, as expected, the agency has not changed its approach to truly preparing for extreme situations.”

related: The Singapore technology company says it recycles 90% of the waste heat generated by Bitcoin mining

Some miners tried to alleviate residents’ concerns about potential resource loss.this Texas Standard It was reported on October 21 that some Bitcoin miners have been cooperating with local power suppliers to ensure the stability of the grid.

At the same time, several others intend to use fully renewable and potential Alternative energy sources, such as natural gas torches As bitcoin Mining operations are becoming more and more environmentally friendly.

At present, the Texas state government has not proposed to solve the potential problems that may be caused by the increase in the electricity demand of encrypted miners. As the Texas Standard recommends, miners can flexibly shut down their hardware during peak demand periods, or if they want to continue working during peak demand periods, they can charge extra per kilowatt-hour.