Whatfinger News Content
    What's Hot

    Tesla Stocks Down As Musk Forms the ‘America Party’ | Open Interest 7/07/2025

    July 7, 2025

    Trump Unveils Tariffs Ranging From 25% to 40%

    July 7, 2025
    Whatfinger News Headlines

    Tesla Stocks Down As Musk Forms the ‘America Party’ | Open Interest 7/07/2025

    July 7, 2025

    Trump Unveils Tariffs Ranging From 25% to 40%

    July 7, 2025

    Seven more people confirmed dead in Texas floods

    July 7, 2025

    Steve Rattner: This bill is ‘unprecedented’ – it ‘takes money from the poor, gives it to the rich’

    July 7, 2025

    Angela Rayner tells MPs, I know you feel ‘disheartened and bruised’ | Politics Hub with Sophy Ridge

    July 7, 2025

    JESUS’ PRESENCE WILL BANISH ALL FEAR

    July 7, 2025
    Facebook Twitter Instagram
    Monday, July 7
    • Whatfinger®
    • Breaking
    • Videos
    • Fast Clips
    • Entertainment
    • Military
    • Sports
    • Humor
    • Money
    • Daily List
    • World
    • Daily Paper
    • Sci-Tech
    • Top 3
    • Chat GPT
    • Choice Clips
    • About
    • Retirement
    Whatfinger News ContentWhatfinger News Content
    CLICK HERE for all posts on this page
    Whatfinger News Content
    Home » Bitcoin Mining – Balancing the Energy Grid and Cutting Costs

    Bitcoin Mining – Balancing the Energy Grid and Cutting Costs

    August 30, 2024 Business And Money 3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Jack Dorsey (Co-founder of Twitter and Square): “Bitcoin incentivizes renewable energy, which can lead to more sustainable mining practices over time.”

    Elon Musk (CEO of Tesla): “The energy consumption of Bitcoin mining is a concern, especially the use of fossil fuels.”


    A common misconception about Bitcoin is that its mining process is detrimental to the environment. While Bitcoin mining does require significant energy, this consumption is essential for ensuring the network’s security. Recent data from Pierre Rochard, Vice President of Research at Riot Platforms, sheds light on the evolving dynamics of Bitcoin mining, particularly in Texas.

    Rochard’s analysis reveals a notable 31% increase in energy consumption for Bitcoin mining in Texas from August 2023 to August 2024, jumping from 1.7 million MWh to 2.3 million MWh. Surprisingly, this increase in energy usage has coincided with a dramatic 80% drop in electricity prices, plummeting from $190 per MWh to just $40 per MWh. This reduction in energy costs can be partly attributed to the unique role Bitcoin miners play in stabilizing energy grids.

    INSIGHTS 📈 Texas sees a 31% rise in Bitcoin mining energy use paired with an 80% drop in electricity prices pic.twitter.com/OoGlsGmeeV

    — CRYPTO SINGH (@cryptosinggh) August 30, 2024

    According to Rochard, electricity prices often spike due to increased air conditioning use during periods of extreme heat, like the last summer. Bitcoin miners help mitigate these spikes by consuming electricity during off-peak times when demand and prices are lower. This strategic usage not only supports grid stability but also ensures that miners have access to cheaper power.

    Riot Platforms emphasizes that Bitcoin miners’ ability to adjust their power consumption makes them ideal for balancing energy grids. Unlike traditional data centers, Bitcoin miners can ramp up usage during low-demand periods and reduce consumption when demand peaks. This adaptability helps maintain a smooth and efficient grid, ensuring reliable power supply at lower costs.

    During times of low energy demand, miners provide a steady baseline of consumption. When demand surges, they can scale back their usage, reducing the strain on the grid. This flexibility contributes to a more efficient and stable energy grid and offers miners predictable and affordable energy costs.

    AI’s race for US energy butts up against bitcoin mining https://t.co/gP0yZ3IS0d

    — Robert Müller (@robertmueller74) August 30, 2024

    The presence of Bitcoin miners as consistent, long-term customers helps reduce demand and price volatility in the energy market. Their role in balancing the grid encourages competition among energy providers and contributes to lowering overall energy rates. This mutually beneficial relationship demonstrates the positive impact Bitcoin mining can have on energy markets, challenging the notion that it is solely an environmental burden.

    Key Points:

    i. Bitcoin mining, despite its high energy consumption, plays a crucial role in securing the network and stabilizing energy grids.

    ii. In Texas, energy consumption for Bitcoin mining increased by 31% from August 2023 to August 2024, while electricity prices dropped by 80%.

    iii. miners adjust their power usage based on grid demand, using more energy during off-peak times and less during high demand, helping to balance the grid.

    iv. This flexible usage helps reduce energy price volatility and promotes competition, resulting in lower overall energy rates.

    v. The symbiotic relationship between Bitcoin mining and energy grids highlights the positive impact of Bitcoin on energy markets, contradicting the misconception that mining is purely harmful to the environment.

    TL Holcomb – Reprinted with permission of Whatfinger News

    Keep Reading

    Justice Department Targets Visa – Accusations of Monopoly and Hidden Costs in Debit Card Market

    Tesla’s Bold Gamble – Robotaxis, Rising Sales, and the High-Stakes Road to Autonomy

    The End of an Era – Kmart’s Last Full-Sized Store Set to Close, Marking the Decline of a Retail Giant

    Foot Locker at 50 – A Revival in the Making Amidst a Shifting Retail Landscape

    “Murdoch’s Empire at a Crossroads: A Family Battle for the Future of Fox News

    GM Recalls 449,000 SUVs and Trucks Due to Brake Fluid Warning Light Malfunction

    Add A Comment

    Leave A Reply Cancel Reply

    Content Partners

    If you need to log in to transfer posts to your WordPress site – CLICK HERE

    If you need to contact us, please email us at editor@whatfinger.com

    or use our form HERE

    Our Landing Page for these Content and Traffic Services

    Categories & Posts Ready To Take For Your Wordpress Site

    Original News Content Daily

    • Business And Money (articles)
    • Entertainment (articles)
    • Science & Tech (articles)
    • Top News (articles)
    • World News (articles)

    Videos (YouTube and Twitter)

    • A.I. Vids
    • Business & Money (video)
    • Entertainment (Videos)
    • Humor (articles and vids)
    • Mainstream News Vids (ABC, CBS, Fox, Etc)
    • Religious Vids
    • Sports  (articles – small selection – not many interested)
    • Sports Videos (Large selection)
    • Top Vids
    • Tweets (Vids)
    • World News (Vids)
    IMPORTANT INFO on our new Content program

    Please Read – Important To All: Our content services are new as of June 3, 2024 – We are now adding as of today HUNDREDS of pages you can take as your own daily with just a click, including now 30 plus originally written news items per day in Entertainment, Top News, Science & Tech, Business & Money and World News.

    If there is a topic you would like to see more of please email us at editor@whatfinger.com.

    If you have favorite video channels from YouTube or Twitter (X) accounts you want to easily use the content from, please do not hesitate to let us know.

    If you are interested in getting a ton of traffic direct form Whatfinger News,  or want to add massive amounts of new content daily to your own site… CLICK HERE for our landing page on the services

    – Mal Antoni

    Whatfinger Content Services click below for all the details
    The Following is our widget. This one is for Top Political News, but widgets can be for World News, Entertainment, Sports, Or Business-Money to fit your site. As part of our deals for a deep discount on our Content, place our widget on your pages. You can also have a widget below designed for below the article.. That one has 6 smaller links.
    undefined
    titleTHE COVER-UP GOES INTO OVERDRIVE! - ELON MUSK'S FOREIGN MINONS PLOT TO UNDERMINE TRUMP - AND MORE!...
    titleExclusive: Ted Nugent Responds to Reports that the Deadly Texas Floods Could Have Been Triggered by ...
    titleThis War Is FAR More Dangerous Than You’re Being Told | COL. Douglas Macgregor...
    titleAmerican Patriotic Legends - Compilation...
    More news daily than any other news site on Earth. All sources, all on one page! BAM! There can be ONLY one… CLICK BELOW (This is NOT part of our widget)
    Empower Your Online Presence with Our Web Development Solutions!

    Looking to start from scratch or revamp your news, blog, business, or e-commerce website? Look no further! Our expert team specializes in creating stunning, high-performance WordPress websites tailored to your unique needs.

    🚀 Get Started Today! contact us at nephilainc@gmail.com to get a quote!
    Or
    Skype:info.mighty

    Don’t just build a website—create an experience!

    Type above and press Enter to search. Press Esc to cancel.