The Electric Reliability Council of Texas (ERCOT) has asked households and businesses to voluntarily cut down their electricity consumption as the prices in Texas have crossed over the $5,000 mark. But the question is how will this impact Bitcoin (BTC) miners?

Texas is one of the largest Bitcoin mining hubs. However, the power price trouble could severely impact the hashrate of Bitcoin.

Hashrate is the measurement of the computation power in a proof-of-work network. It also helps determine the security and mining difficulty of a blockchain.

Texas Urges Businesses to Cut Consumption

According to Bloomberg, Texas spot electricity prices have surged due to the impact of summer heat. The screenshot below shows that the prices have approached the $5,000 mark, hitting the ERCOT price cap, surging more than 60x.

Despite the price surge, the excess supply of electricity has been decreasing. Hence, ERCOT’s request to limit electricity usage.

Impact on Bitcoin Hash Rate

Texas is one of the largest centers for Bitcoin mining. The screenshot below shows that a huge chunk of the total hashrate of some of th

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Author: Harsh Notariya

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