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Texas Crypto Miners Make An Eco-Friendly Decision; Will Others Follow?
It might not sound true, but crypto miners in Texas have made a decision that could be eco-friendly. The crypto miners in the area have halted their operations temporarily to avoid putting an extra load on Texas’ electric grid. Recently, the Electric Reliability Council of Texas (ERCOT) urged the residents across the state to keep their energy consumption in check.
Doing so will prevent power outages and blackouts during intense heat waves. The temperatures can rise up to 100 degrees Fahrenheit. The agency said in a release that besides causing unprecedented energy demand for the state, strong heat waves have also taken Texas’ renewable energy sources such as wind power out of the equation.
Texas Crypto Miners Voluntarily Halt Operations
As crypto mining sites in Texas eat up as much as a full percent of the state’s total energy consumption, the Verge reported that miners have decided to stop mining operations to prevent price spikes for residents and to cut down energy consumption per ERCOT’s request.
Since crypto mining is an energy-hungry activity, voluntarily deciding to halt the operation and making sure Texas residents have the power to survive the heat waves can earn the miners a lot of praise. That’s especially considering that the US has witnessed a rise in heat-related deaths since 2015.
In the past few years, awareness has grown about devastating blockchain technology can be for the environment. There’s no debate on the fact that mining rigs have been the biggest cause of bringing some gas-powered power plants down.
Right Time To Fix Tattered Reputation?
Besides, it’s imperative to understand that this might be the right time to put a halt on crypto mining operations. The crypto market has witnessed a downward spiral in the past few days, making mining less justifiable for the amount of energy it consumes. It’s also important to point out that we live in a world where 1 percent of a state’s power is consumed by crypto mining operations.
But this could also be an opportunity in disguise for the crypto industry to fix its reputation -- solving problems that actually exist in the real world. If crypto miners in other parts of the world also voluntarily put a halt on their operations and look for more environment-friendly ways to mine digital currencies, it could be very helpful.
What Makes Mining So Power Hungry?
Cryptocurrencies saw a dramatic surge in their values during the coronavirus pandemic. The industry reached new heights, taking the world by storm; however, its fortunes continue to be uncertain due to the volatile nature of these digital currencies. Despite being unregulated, cryptocurrencies still need to verify all transactions happening between traders to curb fraud. This responsibility is given to "miners," who work as auditors by updating a ledger called a blockchain.
In the process, miners try to guess a random number, one of which is released every 10 minutes. This process involves solving difficult math equations that can only be achieved by high computing prowess. Hence, to set up mining rigs, miners require powerful sources of energy which leads to more consumption.