Crypto-mining is coming to Texas because it bills itself as a haven for cheap and abundant energy, and because the state has a laissez-faire business climate, Shelley said. Some mining outfits that have altruistically vowed to shut down during tight demand likely would have anyway because they’d no longer be making money while energy prices surge.

Putting aside cryptocurrency’s negative connotations, the industry could theoretically be good for the power grid if handled properly, he said. We’ll have to hope that they’ll do what they promised to do during times of extreme strain: shut down.