Many cryptocurrency miners in Texas, one of the largest Bitcoin mining hubs in the U.S., are halting their operations as the state’s electrical grid faces surging power demand amid a heat wave.
See related article: Marathon Digital says Montana storm knocked out most Bitcoin rigs
Fast facts
- Nasdaq-listed miner Core Scientific on Tuesday said that it has unplugged its ASIC servers in the state to “provide relief to people in Texas.”
- The Electric Reliability Council of Texas, which operates the state’s grid, on Saturday urged local residents and businesses to voluntarily conserve electricity on Monday, according to local television KBTX.
- In response to that, London-headquartered miner Argo Blockchain said Monday its facility would curtail power in Dickens County, Texas in the afternoon to help conserve electricity.
- Last month, Marathon Digital, a major Bitcoin miner in the U.S., had to halt three-fourths of its mining operations in Montana due to power outages caused by a storm.
- U.S. power companies are facing supply crunches due to extreme weather events, while consumer power use is expected to hit a record high this summer, according to Reuters.
See related article: Compass Mining CEO, CFO resign after utility payment default allegations