What happened to the promised land for bitcoin (BTC) miners? Texas was considered a favorable state for crypto companies. It proposed stable regulations and an energy supply that was supposed to be inexhaustible. But, it seems that the situation has changed.
More energy for bitcoin miners?
The state’s network operator, Electric Reliability Council of Texas, has reduced the frequency of issuing new connection permits. This is because minors can no longer connect to the network as expected. These are statements made by Steve Kinard, director of bitcoin mining analysis at the Texas Blockchain Council (TBC). The TBC is an industrial association. And the Ercot (Electric Reliability Council of Texas) slowed down the operation to balancing the state’s electricity demand and supply.
Thus, electricity is no longer so readily available in Texas. Bitcoin miners are forced to set up energy infrastructures to connect their machines to. The implementation of these infrastructures made of generators and power lines requires a lot of time. Steve Kinard said: “ There are very few sites, if at all, where you can introduce yourself and hook up without any work ».
It turns out that even small sites consuming about 10 megawatts (MW) have to work if they connect to a site. Kinard added that “ a lot of people have been looking for “to have access to electricity in Texas. But, now, there are no more. Meanwhile, Ercot has revealed that 33 gigawatts (GW) of Bitcoin mining projects are pending permits. As of mid-July, there were 27 gigawatts (GW) of projects pending.
Texas seems to have exhausted its reserves of electrical energy. A large number of miners are waiting to connect to the country’s electricity grid. According to Kinard, there are many pending mining projects because the same project can have two applications under its belt.
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Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.