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> 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
by 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 agoHuh? 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 agoThey only switch off when asked to do so. At multi mw scale they absolutely can do forecasting.
- whoisstan 3y agoI 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 agoNot 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.