Governor of Texas has stated that he wants to ensure that his state’s electricity grid does not fail again, and Greg Abbott is appealing to crypto miners to shut down.
According to Bloomberg, Abbot met with numerous crypto entrepreneurs and influencers in October. During the conference, the governor asked those in attendance to shut down their mining activities in the event that the Texas grid goes fully offline, which is expected to happen in February 2021. According to Bloomberg’s anonymous sources, the governor reportedly responded, “Help me get through the winter.”
Greg Abbott is appealing to crypto miners to shut down
A risky and perhaps dangerous bet is to invest in an industry that is notorious for opposing government control. However, two Bitcoin miners have volunteered to shut down in the event that the grid is overloaded again, in order to save energy for houses and other businesses. It demonstrates the possibility of everything working out.
Abbott doesn’t have much of an option in this situation. He’ll be up against it in the forthcoming election from both his own party and the Democrats, who will undoubtedly target his weakness on Texas’ electric infrastructure. His polling on how he handled the 2021 electrical grid calamity is also dismal, with 60 percent of Texans disapproving of how the state’s authorities handled the situation.
As Texas prepares for another possibly icy February, all eyes will be on the state’s electricity grid. If it doesn’t hold up — and Abbott has to rely on crypto miners to keep their half of the agreement — Abbott might be booted from the governor’s residence come election day.
Research conducted by Lancium, a Houston-based energy tech company that specializes in bitcoin mining, found that if miners voluntarily reduced their uptime expectations from 100 percent to 95 percent in 2021, their per megawatt-hour pricing would have dropped from $178 to $25.
For the Texas grid, which stands as its own small island, strategically timed energy reduction is very important. Unlike the rest of the continental United States, which is served by either the Eastern or Western interconnection (the names of the two interconnected power grids that connect states), ERCOT is a deregulated and independent network of energy providers that is not connected to any other grid in the United States.
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