Elizabeth Warren presses Texas on crypto miners’ energy use

Elizabeth Warren and six other Democratic senators are the Texas energy regulator that decides whether the crypto mining industry is putting additional strain on the state’s power grid and its impact on climate change.

At the Electric Reliability Council of Texas (ERCOT), senators are noting that “cryptomining companies are pouring into states like Texas,” and are raising questions about the industry’s impact on the state’s power grid, which is already in position during major storms and other periods is in high demand. “The Texas grid is particularly vulnerable because it’s the only independent state grid in the country and isn’t connected to other states — meaning it has no buffer when there are supply disruptions,” the letter reads.

The senators also criticized the payments that mining companies receive from ERCOT during periods of high demand. “Put simply, bitcoin miners make money from mining that is heavy on the grid: And during peak demand, when the profitability of further mining decreases, they collect subsidies in the form of demand-response payments if they turn off their grid mining operate and do nothing,” the letter reads. “These subsidies for cryptominers are also having an impact on the deepening climate crisis. The energy used to mine Bitcoin and Ethereum in 2021 resulted in nearly 80 million tons of carbon emissions.”

The letter asks for details on the energy consumption used by crypto mining companies over the past five years, as well as whether increases in residential electricity prices have coincided with the arrival of crypto miners in the state.

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https://www.engadget.com/elizabeth-warren-presses-texas-on-crypto-miners-energy-use-235053032.html?src=rss Elizabeth Warren presses Texas on crypto miners’ energy use

Russell Falcon

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