Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink

Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink

Nearly all industrial scale Bitcoin miners in Texas have shut off their machines as the companies brace for a heat wave that is expected to push the state’s power grid near its breaking point.

Miners such as Riot Blockchain Inc., Argo Blockchain Plc and Core Scientific Inc., who operate millions of energy-intensive computers to secure the Bitcoin blockchain network and earn rewards in the token, flocked to the Lone Star State thanks to its low energy costs and liberal regulations on crypto mining. The state has become one of the largest crypto-mining hubs by computing power in the world.

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