In the wake of the devastating winter storm in Texas in December 2022, Bitcoin miners returned up to 1,500 megawatts of energy to the grid, enough to power over 1.5 million small homes.
This impressive feat was made possible due to the flexibility of mining operations and the ancillary services provided by state authorities. In the days leading up to Christmas, a “bomb cyclone” unleashed extreme temperatures across the United States, leaving millions without electricity and claiming dozens of lives.
According to a report first published today by Cointelegraph, the global Bitcoin mining hashrate saw a significant drop of 30% on Dec. 24-25, 2022. However, miners in Texas proved to be model participants in the state’s ancillary services, which encourage customers to reduce their consumption during peak demand in order to stabilise the grid.
Software providers have also been working with miners to ensure they have the necessary tools to properly enable grid balancing. Back in March 2022, the Electric Reliability Council of Texas established an interim process to facilitate the connection of new large loads, including Bitcoin miners, to the ERCOT grid.
With a 14% share in Bitcoin hashrate, Texas is one of the top states for Bitcoin mining in the United States, along with New York (19.9%), Kentucky (18.7%), and Georgia (17.3%). The efforts of Bitcoin miners during the winter storm demonstrate the potential for the industry to not only drive economic growth, but also to provide valuable assistance in times of crisis.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.