Bitcoin miners say they can help stabilize a shaky power grid and prevent blackouts. Experts say it will make the problem worse.
Fred Thiel, CEO of Marathon Digital, claims that crypto miners participating in demand response schemes have helped to stave off blackouts in Texas this year. Mining facilities acted “like a capacitor,” he says, echoing the battery metaphor, allowing the grid to remain on an even keel.
Hirs says there are millions of consumers already connected to the grid that would happily shut off their power in exchange for financial compensation, without adding additional strain to the grid or causing a price increase. Under the instruction of the Public Utility Commission of Texas, the state utilities regulator, ERCOT launched a
In its response to the letter, ERCOT explained it will not allow new mining facilities to power up if there is a risk of destabilizing the grid. But the operator also said it’s not in the business of predicting the impact of mining on the price of energy for consumers.
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