Bitcoin mining has had a positive impact on Texas’ power grid, saving the state up to $18 billion by eliminating the need for new gas-fired peaking stations from Berkshire Hathaway Energy, a report from the Digital Asset Research Institute (DARI) found.
Following Winter Storm Uri in 2021, new Electric Reliability Council of Texas (ERCOT) CEO Brad Jones sought alternatives to traditional gas-fired peaking power plants, DARI researchers noted.
According to Institute analysts, the environmental disadvantages of such facilities include downtime when demand needs to be met immediately, air pollution with significant greenhouse gas emissions, and use of water resources.
However, mining the first cryptocurrency offers a cleaner and more cost-effective solution, as mining companies can reduce energy consumption during times of peak demand to stabilize the power grid, DARI noted.
They help “keep the cost of energy low for Texans,” Jones said.
This makes Bitcoin mining an alternative to building new gas peaking plants like Berkshire Hathaway Energy’s proposed $10 billion project, which could lead to higher electricity prices for Texas residents, according to DARI analysts.
Despite this, Berkshire Hathaway Energy is actively lobbying to obtain Texas Senate committee votes to limit the ability of Bitcoin miners to respond to demand, the report found.
Let us recall that experts from the research organization Exponential Science believe that a ban on the mining of the first cryptocurrency could negatively affect the environment.
At the same time, the Japanese energy company TEPCO is exploring the possibility of this activity based on the use of alternative energy sources, and the mining company MARA Holdings has created a district heating initiative for the population of Finland.
The post Report: Bitcoin Mining Saves Texas Nearly $18 Billion appeared first on INCRYPTED.
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Source: Cryptocurrency
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