Extreme weather and energy-hungry businesses make for a dicey combination.
tech businesses, Rhodes says, attracted to the state’s low energy prices. Rhodes doesn’t feel the politicians in power in Texas are very interested in dealing with the fact that crypto mining is negatively affecting the grid, he adds. Texas Sen. Ted Cruz hasthat crypto mining keeps the grid more stable because they can simply turn it on and off as needed to support demand from varying too much.
The report states that crypto companies like Whinstone, Core Scientific, Argo Blockchain, and Lancium receive long-term energy contracts that provide them “cheap wholesale energy.” These companies can then sell back to the grid at massive mark-ups whenever they please. They can purchase the energy at a low price through these contracts and, during times of high demand, power off and sell the energy they would have been using back to the grid. These contracts can last as long as a decade.
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