Everything is great in Texas – including its problems power grid and the strong demand for bitcoin. A A new analysis shows that the power grid is as vulnerable to hazards as it was in February before the shutdown. the government is planning to adopt cryptocurrency services which will add a lot of pressure to the system. And, experts say, nothing can happen.
A reports published Friday and ERCOT, an organization that uses the Texas grid, finds that extreme weather — even less severe conditions than the government saw in February that led to a serious injury-can still activate energy extinguished and creative problems with grid. ERCOT has he cried via ringer after the February crisis, but this analysis, critics say, is evidence that the major problems with the way ERCOT is over-planning have not been addressed. In other words, though promises from politicians like Gov. Greg Abbott to fix the problems, the Texas team was not as prepared for disaster as it was in February.
And there is a new pressure coming to this previously fragile grid: bitcoin miners, whom the government has been actively promoting in Texas. Bloomberg reports that new power demands crypto mines in Texas could reach approximately 5,000 megawatts over the next two years years — almost twice a year — requires all electricity Austin in 2020. This means the old magical movement could house 20% of the world’s bitcoin networks by the end of next year, from between 8 and 10 percent. now. Texas is at the forefront of the biggest push by the US says it is cities to look at to borrow crypto mines work, following a explosion in China this summer. The US is now the # 1 destination for bitcoin mining.
Suddenly start twice the cost of electricity for the entire metropolitan area the need for a struggling grid in ideal conditions it can be seen as dangerous idea, especially given how powerful it is requirements from bitcoin miners has led to liquidation in such places Iran and Kazakhstan. In contrast, bitcoin protectors, including Gov. Greg Abbott and anyone who loves Sen. Ted Cruz, they say that crypto mining operations will strengthen the Texas grid.
In a figurative sense, bitcoin he can work with the listening team as ERCOT works. In this in a good country, mining facilities can operate only when demand is low, using additional electricity produced by the power plant, and shut down when needed.
“If they all come online tomorrow, you can increase the number of ERCOT teams,” said Joshua Rhodes, research partner at t.he University of Texas. “However, for most of the year, not all of our generators are fully operational. The controversy over support for the movement has been based on [miners] are willing to change. ”
While Texas politicians are not working for any reason to shut down mines when the need arises, there may be market-related responses. Rhodes has served as a mentor to a Texas software development company helping the mining industry respond in real time to ERCOT requirements for energy reduction. The program works with what is known in ERCOTspeak as a controllable property source, which refers to a large energy consumer who claims to be ready no use force on another tree at peak times. The heavy-duty heavy equipment has already been a major manufacturer, such as oil and petrochemical measurements, but Rhodes’ company has been involved with a number of them. some mining sites and data have started to work in the ERCOT system as a burden. Economic incentives for no the use of force under this system, Rhodes said, could be high enough to encourage miners to listen to the needs of ERCOT.
“I think [bitcoin] he can be a good neighbor. There are ways, “he said.” He has to decide if he wants to. “
Data scientist Alex de Vries, founder of the cryptocurrency Digiconomist page and manages it bitcoin power plan, have serious doubts about how this can be done in real life.
“Closing anytime is not fun for a miner, especially because the machines can be depleted quickly,” he said. “Every time they close, they fail to make a profit, which never comes back. If they want to compete with the rest of the team, right, the only way is to run their machine 24/7. ”
And the economic incentive to close as an asset management program, De Vries said, would not be attractive enough for most miners to accept a reduction.
“In all cases, continuing to run is more profitable for the mine than closing,” he said. “Even if they pay extra to close it, the operating system is still profitable. In Texas, they can earn more locks than they get in other places, but it’s still not fun.”
Given what happened last February, as well as how ERCOT acknowledged the group was still in a bad state, de Vries said the only way for Texas authorities to ensure the demand for bitcoin does not undermine the system is to control the amount of electricity. miners can use — something that already crypto-friendly sites like Quebec have began to do after seeing the growing importance. (Based on Texas response to suspension, however, do not touch your breath.)
“When it goes wrong, time is running out,” de Vries said. “She is putting herself at risk with this [increased demand]. It can take lives. ”
