Bitcoin Miners Helped Texas Avoid $18 Billion in Energy Costs: Report – Mara Holdings (NASDAQ: MARA)

Bitcoin BTC/USD Mining in Texas has reportedly helped avoid $18 billion in energy costs by eliminating the need for new gas summit plants.

What happened: Results were conducted on Monday a report By the Digital Asset Research Institute, which is due to the efforts of the Electric Reliability Council of Texas CEO Brad Jones In identifying Bitcoin mining as a better alternative for stabilizing Texas’ electrical grid rather than expensive and polluting invasive peak plants.

Natural gas-fired plants have traditionally been used to stabilize grids during peak demand. However, their popularity has declined due to their large carbon footprints, high setup and maintenance costs, and significant idle time.

On the other hand, Bitcoin mining offered a more flexible solution, creating much lower emissions than gas peaking plants, the report said, citing data.

See also: Trump names uyeda SEC chair, regulators prepare for crypto relief

Most major Bitcoin mining companies, including Riot Platforms Inc. Riotshas joined Texas Grid’s so-called “demand response” programs, making invasive peak plants unnecessary.

“The estimated cost of gas peaking plants, which will be passed on to Texas power users in the form of higher energy bills, has now risen to $18 billion.”

Why does it matter?: Helping miners Stability of the power network in the state By running their operations when there is excess electricity capacity while significantly reducing it when the state requires more usage during extreme weather conditions.

This flexibility allows grid operators to use less energy from less efficient power plants and incorporate renewable energy sources such as solar and wind, which they can ignore during peak demand.

Price action: the Valkyrie Bitcoin Miners ETF WGMIwhich provides exposure to top bitcoin mining companies, closed 1.58% lower at 24.97 on Tuesday, according to the report. Data from Benzinga Pro.

According to a recent report, US miners controlled more than 30% of the global network hash rate, representing a 9% increase in market share since then. Half of April.

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Disclaimer: This content was produced in part with assistance Benzinga Neuro It was reviewed and published by Benzinga editors.

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