Texas Bitcoin Miners Forced To Stop Operations Due To Energy Crunch

Major Texas crypto miners adopt a proactive approach and close down 99% of their mining operations to fear an expected Arctic blast. A massive winter storm with heavy snow, rains, and flash flooding with thundered storms can damage the power grids of state areas. The crypto miners enjoy low-cost power energy in the state, reducing […]

Texas-based Balanced Energy LLC has reportedly been told by the Texas State Securities Board to stop getting itself involved with bitcoin, according to a number of reports. The Southlake company was reportedly raising capital using the digital currency and selling unregistered securities - something the Board says took place at the Texas Bitcoin Conference in Austin recently. "Balanced Energy and Johnson are accepting payment through Bitcoin, a digital currency that incorporates cryptography and is designed to enable users to send money over the Internet without using a credit card or bank....

A look at why some Bitcoin miners continue to thrive in the bear market while others need to rethink their strategies in order to continue operations. The Bitcoin mining industry continues to face a challenging year as the price of Bitcoin (BTC) hovers below $20,000, coupled with rising energy costs in North America and Europe. Regulators have also recently started clamping down on crypto mining, as a recent report from the Bitcoin Mining Council (BMC) found that Bitcoin has seen a 41% increase in energy consumption year-on-year (YoY). As a result, a number of crypto mining companies have....

ERCOT reported that wind generation in Texas was “generating significantly less," potentially leaving the state unable to meet energy demands during triple-digit temperatures. With many parts of Texas enduring days of temperatures well over 100 degrees Fahrenheit in July, many crypto miners have shuttered operations in anticipation of the state’s energy grid being unable to meet demand.The Electric Reliability Council of Texas, or ERCOT, on Sunday called on Texas residents and businesses to conserve electricity with “record high electric demand” expected on Monday. According to ERCOT’s....

Extreme heat won’t stop miners from setting up operations in Texas, but more sustainable practices may be required. Record-breaking heat waves are being documented across the world as extreme weather is worsening due to climate change. States throughout America are continuing to see temperatures rise above 100 degrees Fahrenheit (38 degrees Celsius), while the United Kingdom recently saw temperatures reach 104 degrees Fahrenheit (40 degrees Celsius). While hot climates may be unusual for many of these regions, Texas — a state notorious for its boiling summers — is experiencing....