And how’s this amazing News gonna benefit every single Texan? What we gonna get out of it?
Sen. Ted Cruz, bitcoin-powered grid aficianado.
This week, Texas Gov. Greg Abbott said he will make Texas the number one state for bitcoin. What’s more, he espoused the wonders of crypto mining as a way to prop up the state’s flailing electrical grid, a view Cancun-loving Sen. Ted Cruz also shared at a bitcoin mining conference last week. It’s a seductive story: magical internet money saving the state from another deadly blackout. But the reality is much more complicated.
A group of very on-brand-looking bitcoin miners descending on the governor’s mansion in Austin on Wednesday. That same day, Abbott announced a plan to drop cryptocurrency machines into more than two dozen grocery stores. Apparently, the meeting went well. A Great thing for the ordinary Texan. Buy Groceries and buy your weekly Butcoins knowing you are fixing the Texas Power Grid.
“The Texas grid will be stronger & more resilient as a result of flexible loads like BTC mining that generate demand (which must mean cheaper Electrical Bills for all Texans?) but can turn off in seconds during peak demand,” Lee Bratcher, president of the Texas Blockchain Council, said of the meeting on Twitter.
Cruz parroted a very similar line last week. “Because of the ability of bitcoin mining to turn on or off instantaneously, if you have a moment where you have a power shortage or a power crisis, whether it’s a freeze or some other natural disaster where power generation capacity goes down, that creates the capacity to instantaneously shift that energy to put it back on the grid,” he said at the Texas Blockchain Summit.
This idea that bitcoin can “strengthen the grid’s resilience,” as Cruz went on to say, would be welcome in a state where the grid failed in spectacular fashion during a February cold snap and regularly strains to meet demand during crushing summer heat waves. But in reality, bitcoin isn’t going to save the state’s energy infrastructure.
That exert came from an above Site. Seems someone is gonna be pocketing a ton of money. Don’t it? I do ponder how a group of Bitcoin Miners are gonna be able to Fix the Texas Power Grid? Is it Broken? Does it have a Broken ❤? A broken limb? I didn’t know it needed some kind of Fixing. Did you?
what do Bitcoin Miners look like?
? Hard Working Bitcoin Miner Owners watching as their Workers work like Slaves to make them Richer…
And in Texas, the mad dash of Bitcoin Miners rushing to Abbott’s Bitcoin Bugle Call was heard around the World and it has begun-
And the Bitcoin Race is On!
Deep in a Bitcoin Mine, Bitcoin Miners are boring for Bitcoins.
Bitcoin Mine Owners checking for Bitcoin Thefts.
And bitcoin Power Plants running on wonderful non-toxic and clean burning Coal will spring up everywhere? It’ll be a Boom Town sprinting up overnight everywhere. And super cheap Electrical Bills will spring up on the doorsteps of all Texans?
It’s the Greatest News Ever! Bitcoin Paradise right here in Texas. It’ll be marvelous. It will create Millions of Zillions of Jobs?
Does China plan an expansion of their Chinese Bitcoin here in TEXAS? Yes, they are…
China’s ban on cryptocurrency mining has forced bitcoin entrepreneurs to flee overseas. Many are heading to Texas, which is quickly becoming the next global cryptocurrency capital.
When China announced a crackdown on bitcoin mining and trading in May, Kevin Pan, CEO of Chinese cryptocurrency mining company Poolin, got on a flight the next day to leave the country.
“We decided to move out, once [and] for all. [We’ll] never come back again,” Mr Pan told the BBC.
Headquartered in Hong Kong, Poolin is the second largest bitcoin mining network in the world, with most of its operations in mainland China. The country was home to around 70% of global bitcoin mining power, until the clampdown sent the price of bitcoin into a tailspin and caught miners off guard.
Now China’s “bitcoin refugees” are urgently scrambling to find a new home, whether in neighbouring Kazakhstan, Russia or North America, because for bitcoin miners, time is literally money.
“We had to find a new location for the [bitcoin mining] machines,” Poolin’s vice-president Alejandro De La Torres said. “Because every minute that the machine is not on, it’s not making money.”
In what some call the “Great Mining Migration,” the Poolin executives are among the many bitcoin miners who have recently landed in a place reputed as part of America’s wild wild west: Austin, Texas.
Austin, Texas is America’s Wild Wild West! Yahoo!
In one year, the entire Bitcoin network consumes around 120 terawatt hours (TWh) of energy, or more than the whole of the Netherlands, according to estimates by Cambridge University’s Bitcoin Electricity Consumption Index (CBECI). If Bitcoin were a country, it would rank 32nd in the world by annual electricity consumption.
A climate disaster?
Bitcoin’s energy footprint has skyrocketed in recent years. In 2017, economics blog Digiconomist estimated that the network of specialised mining computers used 29 TWh annually, equal to 0.13% of total global electricity consumption. This had grown to around 0.65% by May this year, according to CBECI data.
Hong Kong plans to move 100% of their Bitcoin Mining Operations to Texas from China in less than 400 days. And with it comes with the Biggest Question? Where they gonna get all of their new Needed Electricity for their Bitcoin Mining Operations? Will they Build their Own Power Plants very quickly and will Laws be bypassed to fast Track their new Power Plants skipping Environmental Impact Studies completely? The Questions are going to be there. Governor Abbott has all the Answers. Time will tell the rest of us Texans. Right?
But I still don’t understand why the Bitcoin Industry uses so much Electricity?
Above, The true explanation will blow your mind. It’s in the above Site at Forbes.
The digital gold rush has come with a catch: Massive electricity consumption.
It’s estimated that Bitcoin consumes electricity at an annualized rate of 127 terawatt-hours (TWh). That usage exceeds the entire annual electricity consumption of Norway. In fact, Bitcoin uses 707 kilowatt-hours (kWh) of electricity per transaction, which is 11 times that of Ethereum.
I don’t know about you, but I think I’m starting to smell a very foul odor and when I smell that, it always turns out to be BULLSHIT. But, Opps? Why is a Congressional Investigation being Conducted? Will Bitcoin Mining Help us or not?
And for the rest of the pages to the Letter Above, please Open the following PDF file-
A group of seven Democratic lawmakers in Washington, D.C., led by Sen. Elizabeth Warren of Massachusetts, are looking into the energy usage and carbon emissions of the bitcoin mining industry in Texas as well as the impact on the grid and local consumers.
In a letter Wednesday addressed to Pablo Vegas, the CEO of the Electric Reliability Council of Texas (ERCOT), the group expressed concerns that bitcoin mining’s enormous demand for energy in Texas is straining the state’s grid, adversely impacting consumers and U.S. climate goals. ERCOT manages the Texas electricity grid, which operates independently from the rest of the country.