EL PASO, Texas (KTSM) – The bitcoin mining community says they have the solution to maintaining the perfect balance the power grid needs to run smoothly.
Republican Sen. Ted Cruz agrees. While at an event in October the Texas Senator said “A lot of the discussion around bitcoin views Bitcoin as a consumer of energy. The perspective I’m suggesting is very much the reverse, which is as a way to strengthen our energy infrastructure.”
The grid is called ERCOT – The Electric Reliability Council of Texas, which is the organization tasked with operating it.
ERCOT powers about 90% of the state, but to run smoothly, it needs a perfect balance between supply and demand. Maintaining that balance has proven can be a real challenge.
The cryptocurrency community feels that the way to fix the problem of equalizing the supply and demand aspect of the power grid is to add another electricity consumer to the mix. That of course, would be Bitcoin miners who would use as much power as they are given and are able to shut down within a few seconds.
At the Texas Blockchain Summit back in October, Senator Cruz highlighted the flexibility of Bitcoin miners saying that the ability to turn on or off instantaneously would be beneficial during times when energy needs to be shifted back to the grid to meet demand. A perfect example would be when there is a power shortage or power crisis, just like the freeze back in February.