Bitcoin miners in Texas were forced to reduce their energy consumption due to a heatwave, which caused ERCOT, the power supplier responsible for 90% of the state’s grid load, to implement emergency measures. These measures required certain power consumers, including Bitcoin miners, to power down their mining machines temporarily. Companies like Riot Platforms and Iris Energy employ strategies such as participating in ancillary services programs and having power purchase agreements in place to adapt to market conditions and profit from the spread between contract and market prices. This approach offers financial incentives and flexibility for miners while being responsive to the grid’s needs. The Texas energy trading operates in a deregulated market, where high electricity prices indicate increased demand for power.
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