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Mining the first cryptocurrency allowed the state of Texas to save up to $18 billion by refusing to build new gas-fired peaking plants, according to DARI.
Bitcoin mining has demonstrated environmental benefits by reducing energy consumption during peak times.
Bitcoin mining has had a positive impact on the Texas power grid, saving the state up to $18 billion by eliminating the need for new gas-fired peaking plants from Berkshire Hathaway Energy, according to a report by the Digital Asset Research Institute (DARI).
After the winter storm Uri in 2021, the new CEO of the Electric Reliability Council of Texas (ERCOT), Brad Jones, has been looking for alternatives to traditional gas-fired peaking plants, DARI researchers note.
According to the Institute's analysts, the environmental disadvantages of such facilities include downtime when it is necessary to meet demand immediately, air pollution with significant greenhouse gas emissions, and water use.
