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20 sats \ 1 reply \ @User21952 17 Mar 2022
This "story" has appeared in a number of places and none emphasise the flexible demand. Terms like "pledged," used instead of "contractually obligated" give the impression these shutdowns will occur at the grace and favour of miners, which is untrue.
A nuanced beat-up, but what can you do when the evidence is against you. Another similar smear from Australia:
https://forkast.news/renewables-uptake-bitcoin-problem-or-solution/
Crocodile tears are shed for miners for whom intermittency might affect returns:
"Rajkumar Buyya, Professor of Computing and Information Systems at the University of Melbourne, said the need to power down mining operations during peak consumer hours would negatively impact the bottom line for Bitcoin miners who face expensive hardware upgrade cycles every three to four years."
Umm, actually In 2020, Antminer S9s produced around 23% of bitcoin's hash rate, and they were getting long in the tooth at that point. If you have cheap power, and none cheaper than otherwise curtailed generation, old miners aren't a drag on optimising profit.
https://www.theblockcrypto.com/post/63892/report-bitcoin-antminer-s9-bitcoin-hash-rate
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0 sats \ 0 replies \ @BTCMiner OP 17 Mar 2022
I could see a Bloomberg writer twisting that even worse. Something like:
"Bitcoin miners will be profiting from bad weather!! Utilities will be forced to pay bitcoin miners to get them to power down and yield back the power they would have otherwise consumed. Otherwise, rolling blackouts will likely be occurring when the Texas cold returns!"
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0 sats \ 1 reply \ @BTCMiner OP 15 Mar 2022
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0 sats \ 0 replies \ @BTCMiner OP 15 Mar 2022
For this post, an archive was used so that there would be no paywall, and no subscription requirement. Here's the link for the article:
Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid
https://www.bloomberg.com/news/articles/2022-03-15/crypto-mania-in-texas-risks-new-costs-and-strains-on-shaky-grid
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