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What is the use case for those bitcoin mines? I don't know anybody who is using, which isn't a good argument of course, but I also don't see on any website as p

What is the use case for those bitcoin mines? I don't know anybody who is using, which isn't a good argument of course, but I also don't see on any website as payment option and (thankfully) NFT/web3 is largely a goner. ‘The state has lucrative incentives that have made it the most popular destination for Bitcoin miners in the country. One program pays cryptocurrency miners for agreeing to shut off their computers when the grid is on the brink of failure, such as during the record-breaking heat wave that hit the state this past summer. Since 2020, Bitdeer has been awarded nearly $50 million from this arrangement, according to data published by the grid operator. Those payments are subsidized by Texas ratepayers.’ This is unbelievable.

latchkey 3y ago
> What is the use case for those bitcoin mines? They keep the chain going. > This is unbelievable. The constant draw of power helps stabilize the grid. Texas wouldn't make a deal like that if it wasn't helping them.
- billiam 3y ago
  Huh? ERCOT might like the idea in the short run, but as the article points out the opacity of the mining operations actually makes forecasting demand and supply harder over time, since unlike 1 million houses in a heat wave the mines can just switch on (or off) instantly. States need to regulate these operations the way they do generators or batter storage failciities, which they dwarf in size.
  - latchkey 3y ago
    They only switch off when asked to do so. At multi mw scale they absolutely can do forecasting.
- whoisstan 3y ago
  I am confused because I don’t understand what the bitcoin crypto use case is in 10/2023. Didn’t the idea of crypto payments crash?
  - latchkey 3y ago
    Not sure what this has to do with the current discussion, but to answer your question… The best use case I have found is for collateralized lending and borrowing. Super nice to not have to ask anyone for permission. Payments are done through other chains.
    - whoisstan 3y ago
      >Not sure what this has to do with the current discussion, but to answer your question… Simply curious what this massive infrastructure is used for after the crypto collpase.
      - latchkey 3y ago
        Collapse? Bitcoin is up 27000x since it started.

latchkey 3y ago

> What is the use case for those bitcoin mines? They keep the chain going. > This is unbelievable. The constant draw of power helps stabilize the grid. Texas wouldn't make a deal like that if it wasn't helping them.

billiam 3y ago
Huh? ERCOT might like the idea in the short run, but as the article points out the opacity of the mining operations actually makes forecasting demand and supply harder over time, since unlike 1 million houses in a heat wave the mines can just switch on (or off) instantly. States need to regulate these operations the way they do generators or batter storage failciities, which they dwarf in size.
- latchkey 3y ago
  They only switch off when asked to do so. At multi mw scale they absolutely can do forecasting.
whoisstan 3y ago
I am confused because I don’t understand what the bitcoin crypto use case is in 10/2023. Didn’t the idea of crypto payments crash?
- latchkey 3y ago
  Not sure what this has to do with the current discussion, but to answer your question… The best use case I have found is for collateralized lending and borrowing. Super nice to not have to ask anyone for permission. Payments are done through other chains.
  - whoisstan 3y ago
    >Not sure what this has to do with the current discussion, but to answer your question… Simply curious what this massive infrastructure is used for after the crypto collpase.
    - latchkey 3y ago
      Collapse? Bitcoin is up 27000x since it started.