Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink

[carride]

https://www.bloomberg.com/news/articles/2022-07-11/bitcoin-miners-shut-off-rigs-as-texas-power-grid-nears-brink

[quantified]

Surprised that there are anti-business regulations in Texas that would require the shutdown of profit-making enterprises.

[wmf → quantified]

They don't require anything to shutdown. The miners are probably voluntarily participating in a demand response program where they get paid to free up capacity for others. https://www.ercot.com/services/programs/load

[quantified → wmf]

Misreporting by Bloomberg then:

> The operator has been working with Bitcoin miners, who are required to turn off their mining machines when the state faces energy shortages.

Without being required, why would they volunteer?

[wmf → quantified]

When there's a shortage of power the price of power is also quite high so it's probably not profitable to mine anyway.