Texas Bitcoin mining rigs will be closed because of the heat spike in the area.
The miners are getting paid to shut down their Riga and give back electricity to the power grid as there is high demand for power because of the surge in heat.
That is why Texas has ordered the industries and Bitcoin miners to shut down their rigs and give back electricity to redistribute the grin among the people.
However, the miners have heeded the call of the Texas officials.
In Texas, many miners of Bitcoin came in 2021 when china banned the industry and made Texas the mining hub of Bitcoin.
Bloomberg reported that Lee Bratcher, president of the Texas Blockchain Council, has said that nearly all industries of bitcoin mining have been shut down.
1,000 megawatts of electricity is freed up to be redistributed by the grid. It is 1% of the total grade capacity.
Moreover, this is not the first time they have closed the mining rigs. They have done so before this several times. For Example, when the winter storm gripped the city in February, they closed the mines.
At that time, miners Nathan Nichols, CEO of mining firm Rhodium, tweeted:
“We are proud to help stabilize the grid and help our fellow Texans stay warm,”
But to close their mining rigs and be just unselfish is not their intention because it depends upon economic reasons. The financial incentives will decide.
So it means that it is not that easy to stop operations of mining rigs. As these miners have chosen Texas because they get profit when the electricity price is less than the price of Bitcoin. As in Texas, electricity price is low in Texas, so they embarked here.
Anyhow, let’s see what happens? Will Texas Grid officials pay for closing their mining rigs or apply another strategy?