Asetup takes a lot of energy to run, and right now energy is something the state of Texas doesn't have a lot of. The state's power grid operator has asked businesses to conserve energy because a heat wave is pushing the limits on how much power is available.
On Monday, the Electric Reliability Council of Texas asked Texans to reduce their power consumption to according to Bloomberg.. Crypto mining companies that operate in Texas followed suit, even though it means a loss of profits,
ERCOT says there aren't any requirements for mining companies to conserve energy, but it hopes businesses will heed its request.
"Currently, 100% of the machines located in Texas have been powered off to provide support for the ERCOT grid," Core Scientific CEO Mike Levitt told Bloomberg.
ERCOT expects Texas crypto mining companies to require 6 gigawatts of power by mid-2023. That's enough energy to power the entire city of Houston. It sent another power conservation appeal to businesses on Wednesday to avoid outages in the state.
Bitcoin prices, as well as those of other cryptocurrencies, have been on theLast November, one bitcoin was worth , but the value dropped significantly, . A combination of prompted crypto holders to sell off their digital coins, causing the values to tumble. are also putting their foot down on certain cryptocurrency practices, while .