Bitcoin Miners Go Offline To Help Texas Grid

  • by:
  • Source: CNBC
  • 02/03/2022
As a major winter storm descends on Texas, crypto miners are powering down operations to help ease the burden on the state’s already beleaguered power grid. 

The chief concern is that we might see a repeat of last February, when a deep freeze devastated large swaths of the state, leaving 10 million Texans without electricity and resulted in a multi-system meltdown that “was within minutes of a much more serious and potentially complete blackout.” Hundreds of people died amid the multi-day outage. 

Riot Blockchain, one of the biggest publicly traded crypto mining companies in America, began shutting down power to its Rockdale mine on Tuesday, a process which occurs in phases.  

“As the storm has progressed, we have continued to decrease our power consumption by 98%-99%. So currently, we are only using 1%-2% of power,” said Trystine Payfer, Riot’s director of communications. Payfer told CNBC Riot will continue to manage its power usage as needed until there is “no extreme stress on the ERCOT grid.”

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