Bitcoin Miners Curtail Operations During Texas Winter Storm

cryptonews.com:

Everything is bigger in Texas – including the weather. In recent years, The Lone Star State has seen dramatic weather related events, including overly hot summers and unusually cold winters.

For instance, an arctic blast hit Texas in February 2021, leaving many Texans literally out in the cold. Most recently, another winter storm impacted Texas on Jan. 15, leaving a number of residents without power.

Although the latest winter weather has not been as harsh as previous years, Bitcoin (BTC) miners across the State expressed concern about how freezing temperatures may impact operations, along with the Texas power grid. Lee Bratcher, president and founder of the Texas Blockchain Council, told Cryptonews that some Bitcoin miners elected to curtail their operations during the most recent winter storm, while others stood by to respond if conditions on the grid warranted it.

The Texas Bitcoin Mining industry is prepared to curtail operations if it becomes necessary this week. Right now generation is well above electricity demand but we will be watching weather conditions and prepared to act if needed. pic.twitter.com/9ycwySilNp

— Lee ₿ratcher (@lee_bratcher) January 14, 2024

Jamie McAvity, chief executive officer and co-founder of Cormint – a Bitcoin miner headquartered in Fort Stockton, Texas – told Cryptonews on Jan. 15 that Cormint had been offline for 95 percent of the time at the start of the winter storm in response to higher than average grid demand. He said:

“The current Bitcoin mining break for Cormint’s computing fleet is approximately $.095/ Kilowatthour (KWh), so its operations will not be online when power prices are above that. Throughout 2023, Cormint’s mining fleet was online about 89 percent of the year. The 11