Bitcoin (CRYPTO: BTC) miners are said to be playing an important role in keeping the air conditioners up and running in Texas as the heatwave intensifies.
What Happened: According to a report from Fox Business on Thursday, Bitcoin miners are aiding in stabilizing the Texas power grid.
Speaking to Fox Business at Riot Blockchain Inc’s (NASDAQ: RIOT) largest Bitcoin mining facility in North America, CEO Jason Les explained how the company was helping the cause.
See Also: WHAT IS CRYPTOCURRENCY MINING?
“Riot made significant commitments in the power grid here, and that has driven more generation and helped stabilize the grid. But, with that energy secured, we have the unique property of being flexible enough to provide that power back to the grid when it is in high demand,” he said.
How It Works: The Bitcoin miner essentially powers up its mining operations when there is an excess capacity of electricity, but drastically lowers the rate of Bitcoin mining when the state requires more usage.
“Most large energy loads cannot just shut on and off throughout the day. We have the flexibility because Bitcoin blocks come 10 minutes apart and that’s as much work as we’re doing,” Les reportedly said.
See Also: How To Buy Bitcoin (BTC)
Another company doing its part in bringing some relief to the state's power grid is EV manufacturer Tesla Inc (NASDAQ: TSLA).
The in-car alert recommended that users avoid charging between the peak hours of 3 pm to 8 pm to help the state-wide efforts in managing demand.
Price Action: According to data from Benzinga Pro, Bitcoin was trading at $30,107, down 0.68% over the last 24 hours.
