Despite the FTX crash, ERCOT continues to court the cryptocurrency industry. Bitcoin Texas
While the collapse of cryptocurrency exchange FTX earlier this month dominates national headlines, the Texas blockchain and Bitcoin community is determined to forge ahead.
The letter asked ERCOT to answer a list of questions by October 31. Nearly a month later, the agency has not sent a formal reply yet. During aintroducing Pablo Vegas as ERCOT’s new CEO, Vegas said he looked forward to responding. For now, he simply said, “We want to be able to serve any business that wants to do business in Texas. And that includes crypto miners.”
Today’s cryptocurrency is a consequence of the 2008 financial crisis, according to Molly White, a software engineer and cryptocurrency researcher who runs the popular website “.” Many crypto evangelists in the United States believe that the federal government sacrificed everyday Americans’ hard-earned wealth to bail out banks and that government can’t be trusted with people’s money. They view Bitcoin and other cryptocurrencies as a decentralized alternative.
This is true across the state, but especially so in West Texas, where new wind and solar farms are popping up faster than new transmission lines to get that power to major cities. This “stranded” renewable energy contributes to very low and occasionally even negative electricity prices in West Texas. At the same time, oil and gas producers in the Permian Basin and the Eagle Ford Shale regularly flare, or, natural gas leaking from their wells.
“There’s a set of rules that exist. And the crypto miners come in, and they fit the definition of being able to provide … emergency response services,” King said. “And so they sign up.” from the White House Office of Science and Technology Policy. That’s out of approximately 80,000 megawatts total on the Texas grid during peak demand.
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