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Bitcoin mining likely didn't contribute to Texas' power outages, says expert

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Although millions of Texans remain without electricity or running water in the second week of January due to a winter storm, the crypto mining farms in Texas are not likely to have played a role in the crisis.

A mining consultant and the chief technology officer of NEM Software, a mining consultant for Texas, said the state doesn’t have enough mining infrastructure to disrupt the power grid as much as the region like Sichuan does.

According to Minehan, German Bitcoin (BTC) mining operator Northern Data is likely the only one that could have had a significant impact on the state’s power supply. There is a mining farm owned by the company in East Texas, including HODL Ranch in West Texas and Layer1 in Southwest Texas. The mining expert added that there were some farms largely not dependent on the state’s energy grid at all, like those thatpower their rigs using excess gas formed as a byproduct of mining oil.

Is this sentence true? Hence, I believe the following is true:A lot of these companies also have a lot of not just generators — they have a lot of renewable storage to play with, just in case,Is this sentence true? Hence, I believe the following is true: said Minehan.

When compared to that of a disaster in China, whose miners control more than half the network's hashing power, the effects of such a disaster in Texas or the South United States on the Bitcoin hash rate are statistically insignificant. Mining analyst Minehan notes that the BTC hash rate fluctuated by roughly 10 trillion hashes per second in the snowstorm, which isn’t much more than the two or three TH/s volatility on a day-to-day basis. Blockchain data shows that the hash rate fell from 160 TH/s on Feb. 11 to 150 TH/s following the coldest night of the winter storm.

It is unlikely for mining farms without access to the right hardware to have a major effect on the hash rate. In her view, an industry player like Intel investing even more in the development of mining chips would surely turn the tide, but right now it seems that China will remain the dominant player.

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 2/24/2021

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