Texas shut down miners to free up 1,500 mw of power to heat homes and hospitals during snow storm

In December, a snow storm swept across much of the United States. Several dozen people became victims of the elements. During the hurricane, the Texas authorities decided to shut down cryptocurrency mining companies. This allowed to return 1500 mW of electricity to the state power system.

Here's What We Know

1,500 mW of electricity is enough to heat 1.5 million small homes or 300 hospitals. This is according to Lee Bratcher, president of the Texas Blockchain Council.

Companies that mine digital currency participate in the state's program to stabilize the Texas power grid. They get paid to support the grid at peak times. The advantage of mining companies is that they can drastically reduce energy consumption by 97% at once.

Also do not forget that the income of cryptocurrency miners depends on the cost of electricity. At peak moments, the price can reach $1000 per 1 mW. Under such conditions, it is unprofitable for companies to continue mining, as the profitability of Bitcoin, in particular, lies at $70 per 1 mW.

Last month, farms from major companies including Riot Blockchain, Core Scientific and Compass Mining were shut down. As a result, Bitcoin's total processing power dropped by nearly 40 percent.

Source: Satoshi Action