Texas Electric Power Company Boss Is Pro Bitcoin
One of the criticisms leveled against BTC is its huge power consumption when it is being mined, mainly because it is still a pow blockchain protocol.
Texas And Bitcoin Miners
While many US states use this complaint not to allow crypto miners in their states, a few others continue to accommodate BTC miners regardless. One of such states is Texas. Asides from accommodating crypto miners, even its power companies are pro-BTC.
Brad Jones, who heads Texas’ Electric Reliability Council (ERCOT), has declared that he is bullish on the leading cryptocurrency. Jones made the revelation during one of his tours across the city, where he held various discussions with their customers.
While speaking with Frisco residents (a town in Texas), Jones declared, “I strongly support bitcoin and other cryptocurrencies. But I don’t have that risk level to invest in BTC and any other cryptocurrency.”
Texas State And BTC Mining Can Be Of Benefit To Each Other
Even though Texas is renowned for having several renewable energy sources to generate electricity, it struggles to balance supply with demand. There have been periods when the Texas grid had generated excess power supply, and at other times, it struggled to meet the consumers’ demand.
An example of the struggle to meet demand occurred this year when the city experienced a blackout during the cold winter season. However, Jones clarified that the Texas state and BTC mining companies could benefit each other. BTC miners can tap into the excess supply from the energy company, with the energy company supplying it to them at competitive rates.
He further stated that the ERCOT plans to add more energy generation companies to the grid. Thus, increasing the potential power that can be supplied from the grid and meeting up with the high electricity consumption of BTC miners. The side benefit is that when there is significant demand for power from households, BTC miners can reduce their consumption by switching off their machines.
Jones remarked that “miners can reason that it is an opportunity for them to be paid to use power. One big reason they are attracted to this state is the mutual benefit they and the state stand to benefit from each other.”
Preventing A Blackout Recurrence
The incoming winter season gives the state the chance to prevent blackouts from ever happening by balancing demand and supply for power. Jones’ stance was supported by Texan house of rep member, Ted Cruz, who also said he considers BTC mining a method the state can use to strengthen its energy sector. Cruz further revealed that he had been a long-term BTC supporter even though his investment portfolio is not that big on BTC.
While some states continue to allow BTC miners, some federal legislators oppose their existence on US soil. One of such legislators is Senator Liz warren. Warren argued that BTC mining continues to cause environmental degradation citing the example of Greenidge mining company, whose BTC mining activities are alleged to have caused a rise in the lake’s temperature close to the mining facility.
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