During the winter storm in Texas in December, 2022, Bitcoin miners gave up 1,500 megawatts worth energy for the local grid, as reported by Cointelegraph.
According to Cointelegraph, the possibility happened due to mining operations’ flexibility and ancillary services, provided by state units. Insights from calculations by Bitcoin advocacy group stated that the amount of energy would suffice in heating “over 1.5 million small homes or keep 300 large hospitals fully operational.”
On the basis of information by Cointelegraph, the global Bitcoin mining hashrate witnessed a 30% fall on December 24-25, 2022. It is believed that miners were related to ancillary services in the state, which stimulate customers to reduce their consumption for power stabilisation of the grid. Reportedly, severity around North America’s winter storm caused Binance’s cloud mining products to shut down from December 24-26, 2022.
Moreover, Cointelegraph noted that in March, 2022, the Electricity Reliability Council of Texas (ERCOT) created a method for Bitcoin miners to remain connected to the ERCOT grid. Reportedly, software providers have also started to work with miners with the aim to develop tools for grid balancing.
(With insights from Cointelegraph)
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