“Bitcoin miners are unique because of how fast, transparent, and flexible their response can be to pricing fluctuations.
Riot’s Whinstone mining farm in Texas is a perfect example of miners powering down during tight conditions in ERCOT. During winter storms in February 2022, the site powered down 99% of its operations to reduce load. This flexibility made headlines.
Now imagine if ERCOT has visibility of every miner over 10 MW that’s connected to the transmission network. The price at which the machines breakeven would then become an integral aspect of wholesale power pricing because the bitcoin miners themselves can set the wholesale price.” – Blake King
Simply put, if you want to understand the intricacies of Bitcoin mining and the energy grid, you don’t want to miss the first installment of this series. Follow Braiins and Blake King so you don’t miss the coming installments, as well as Bitcoin Audible to hear them all in audio.
Check out the mentioned episode in the Guys’ Take by Croesus. Bitcoin & the American West:
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