Crypto Miners Stop Their Activity in Texas Due to Peak in Electricity Demand

Cryptocurrency miners have shut down operations in Texas amid heatwave-driven peak electricity demand, Bloomberg has reported.

The state’s main grid operator, ERCOT, urged residents and businesses in the state on July 10 to conserve electricity. According to the provider’s forecast, daytime demand may exceed generation volumes.

Lee Bratcher, president of the Texas Blockchain Association, has said:

“More than 1,000 MW of crypto mining loads have responded to ERCOT’s request for savings by shutting down their devices. This represents almost all of the mining industry in the state and allows you to return more than 1% of the total network capacity.”

Crypto miner Core Scientific has confirmed they have disabled all ASIC miners located in Texas. The company has clarified this is less than 15% of its total mining capacity.