Bitcoin
Bitcoin Mining and Data Centers Could Nearly Double Energy Demand in Texas by 2030
A new Texas Electric Reliability Council forecast says the state’s energy demand will nearly double by 2030, with most of the new demand coming from Bitcoin mining It is data centers.
ERCOT predicts that energy demand will increase to 150 gigawatts by 2030, up from 85 GW today, KVUE reported.
Sixty percent of projected demand — 40 GW more than previously forecast — comes from crypto mining and data centers, including some managed by artificial intelligenceLori Cobos of the Public Utility Commission of Texas told the Texas Senate Business and Commerce Committee this week.
ERCOT CEO Pablo Vegas and others gave shocking testimony today before the Senate Business and Commerce Committee that within just six years (that’s just three legislative sessions), our electrical grid needs will grow from about 85,000 to 150,000 megawatts. This is much bigger than…
– Office of Lieutenant Governor Dan Patrick (@LtGovTX) June 12, 2024
This surprised politicians on both sides of the aisle, raising questions about the accuracy of the forecast model, why they weren’t informed sooner, and what power they have to limit AI business in Texas.
Lt. Governor Dan Patrick said the state needs to take a close look at crypto miners and data centers as Texans will end up paying the price for their energy demand.
“They produce very few jobs compared to the incredible demands they place on our network,” wrote Patrick on social media platform. “Crypto mining can actually make more money selling electricity back to the grid than it can from its crypto mining operations.”
There will only be three legislative sessions until 2030. The state government was already preparing for what it thought would be an energy demand of 110 GW.
The new forecast used a different, less conservative methodology, ERCOT Chief Operating Officer Woody Rickerson said, according to KVUE.
Sen. Donna Campbell, R-New Braunfels, questioned whether the projection could increase again.
“AI has just arrived on the scene, but who knows what comes next, even after that, it will be even more consuming?” Campbell said, according to KVUE. “Can we just say, ‘No, you can’t come’?”
The remaining 40% of the increase in energy demand will come from hydrogen production facilities and the expansion and electrification of existing industries, including oil and gas, Cobos said. Texas is also expected to reach a population of 50 million by 2050, up from 30 million.
While rooftop solar panels and smart meters are recommended, increasing supply will not be enough to ensure energy reliability, said Texas Advanced Energy Business Alliance Executive Director Matthew Boms.
“From our perspective, it is not possible to solve this problem without working on the demand side of the solution,” Boms told KVUE. “How can we address energy efficiency, demand response and distributed energy resources in Texas in a state that really needs every megawatt it can get?”
Texans still watch ERCOT news closely more than three years later your network failed during a winter stormleaving millions of people without power for days in freezing temperatures and contributing to hundreds of deaths.
Houstonians were reminded of the delicacy of their power system last month when a derecho tore the city apart, cutting power to almost a million people. These outages were not caused by a grid failure, but it took more than a week for power to be restored to some homes, businesses and customers. will help pay the bill for more than $100 million in repairs.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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