Bitcoin Mining Facility Can Fix Electric Grid Issue, Says Riot CEO
2022.06.09 20:46
Bitcoin Mining Facility Can Fix Electric Grid Issue, Says Riot CEO
- The CEO of Riot Blockchain (NASDAQ:RIOT) said their bitcoin mining facility can stabilize the power grid problems in Texas.
- ERCOT needs to maintain a perfect balance between supply and demand to operate efficiently.
- Riot Blockchain’s Whinstone facility is the largest Bitcoin mining facility in North America.
Jason Les, the CEO of Riot Blockchain, said that their bitcoin mining facility can stabilize the power grid problems in Texas. He made this declaration in an interview with a Fox journalist on June 3, 2022.
Les said:
Riot made a significant investment and commitment to the power grid here, and that has driven generation that stabilizes the grid. But with that energy we secured, we have the unique property of being flexible enough to provide that power back to the grid when it is in high demand.
The Electric Reliability Council of Texas (ERCOT), otherwise called the Texas power grid, struggles with sporadic service and fluctuating energy prices. For ERCOT to operate efficiently, it needs to maintain a perfect balance between supply and demand. Having too much power and not enough buyers poses a major challenge to the power grid, according to Consumer News and Business Channel (CNBC)
The CEO of Riot Blockchain, therefore, said their bitcoin mining facility can power up when there is an excess capacity and down when there is high usage. This ability is unique to bitcoin mining, unlike other energy loads, which cannot shut on and off many times throughout the day, Les added.
Elsewhere, Lee Bratcher, the President of the Texas Blockchain Council, said:
In addition to bringing jobs and tax revenue to rural areas of Texas, the bitcoin mining industry also provides greater grid resilience by acting as a controllable load. Bitcoin miners can turn off within just a few seconds which makes them a perfect resource for the grid regarding frequency balancing and demand response.
Riot Blockchain’s Whinstone facility is the largest Bitcoin mining facility in North America. It has a total power capacity of 750 megawatts, according to its website.
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