Officials in Texas believe that crypto mining operations can implement mutually beneficial practices with the energy industry.
The US has filled the vast gap in Bitcoin (BTC) mining left open by China at the end of June 2021. Despite rumors of high power consumption, in Texas, one of the fastest growing crypto mining centers in the US, officials believe crypto mining can create mutually beneficial work with the energy sector.
Texas Wants To Do Pro-Crypto Mining Businesses
In a news release from Texas Comptroller, he revealed the state’s pro-crypto stance with the intention of hosting long-term miners and operators. Clarifying the common misconception about Bitcoin’s energy use, the financial memo highlighted that unlike “manufacturing plants or industrial chemical plants that are expected to exist for the next decades,” cryptocurrency mining facilities do not impose large electrical loads on the grid.
Concerns about power demand remain as crypto miners move to Texas, as the sudden surge threatens to upset the balance between supply and demand. While other industries with high energy needs often continue to produce amid market fluctuations, one of the concerns Texas-based research fellow Joshua Rhodes voiced in the news release was:
“The difference is that Bitcoin mines (mining facilities) can be started very quickly and finished very quickly depending on the Bitcoin price”
Given the unique location of the crypto mining market, Texas officials believe that miners can participate in demand response programs. This is a program that includes power off during energy-intensive times, such as petrochemical plants.
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