Crypto could raise Texas electricity prices if not planned well
Belizaire did not intend to become a data center operator; he wanted to build wind energy projects in Morocco. But when he finished that facility, the utility was late with the transmission lines.
“We estimate about $6.77 billion, give or take, of wasted or missed revenue opportunity for the renewable energy industry on an annual basis,” he explained. “Recovering that will increase the amount of capital that comes into the industry, more projects will be built, and you get a better mixture.” If every crypto-miner only located at nodes and only used excess electricity that would not have been generated otherwise, they would have no impact on wholesale prices. But that’s not what many crypto-miners have in mind.Most need to locate where the grid can deliver enormous amounts of power. The most famous development is in Rockdale, Texas, at a defunct aluminum plant. Rather than use stranded power, miners sign renewable energy contracts or buy credits so they can claim they are green.
Crypto-miners often brag they can shut down in five seconds if the grid needs the power, but rising cryptocurrency values make voluntarily “saving the grid” less attractive. Miners are enrolling in ERCOT programs where they are paid to shut down, creating an additional cost.
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