Bitcoin Miners Are Now Selling Power Back to the Grid
These miners served the public, making sure electricity went to people who really needed it
About half of the world's crypto mining is occurring here in the United States and the number one state for crypto miners. (These are the people who create digital assets.) The number one state is Texas. When a heat wave hit this summer, the Texas electricity regulators asked the crypto miners to stop their operations and all of them voluntarily complied. As a result, 1000 megawatts of power went back into the electric grid for 10-hour periods at a time, multiple times during the week. These miners served the public, making sure electricity went to people who really needed it because the mining operation, let's face it, we can turn it off at any given moment as needed. But they actually made money by being so helpful. They sold the power back to the grid. So digital miners make money from mining and make money from not mining as well – a pretty good combination.