Nearly all industrial-scale bitcoin miners in the U.S. state of Texas have shut down their rigs in anticipation of the heatwave and its potential power crunch. Bitcoin mining companies such as Riot Blockchain, Argo Blockchain and Core Scientific, which operate millions of miners, have flocked to the state because of Texas’ cheap electricity and loose policies on cryptocurrency mining. Bitcoin mining requires a lot of electricity. Texas has also catapulted to become one of the largest bitcoin mining centers in the world. More than 1,000 megawatts of Bitcoin mining load is available for grid redistribution following the shutdown of mining machines, representing all industrial-scale Texas Bitcoin mining load. Miners are already facing a slump in profits due to the recent drop in bitcoin prices.
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