Power Outage Concerns Grow Amid Surging Electricity Demand in Texas... Bitcoin Mining Also Halted

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The state of Texas in the United States is facing growing concerns over power outages as electricity demand surges amid scorching heat exceeding 38 degrees Celsius. With record-breaking electricity usage several times this year, the possibility of a blackout has increased, leading to the temporary suspension of activities by cryptocurrency mining companies gathered locally.

According to Bloomberg on the 11th (local time), Texas's electricity consumption reached a record high of 78,206 MW (megawatts) on the 8th. This surpassed the previous record of 77,460 MW set just three days earlier on the 5th. Bloomberg reported that on that day, usage even exceeded 80,000 MW.

Texas power authorities are appealing to residents and businesses to voluntarily reduce their energy consumption. Although they plan to deploy 3,600 MW of reserve power prepared for emergencies to avoid immediate rolling blackouts, they are requesting continued restraint in usage as electricity demand is expected to remain high.

With temperatures soaring above 38 degrees Celsius, the use of electronic devices such as air conditioners has significantly increased in Texas. Additionally, fuel prices have risen sharply due to the impact of the Ukraine war, causing difficulties in securing power. The influx of cryptocurrency mining in Texas last year also contributed to the surge in electricity demand.

Texas authorities have sought assistance from cryptocurrency mining companies, including those mining Bitcoin. When a winter storm hit Texas in February, raising concerns about power outages, authorities also requested help from mining companies. In response, Riot Blockchain and Argo Blockchain announced via social media that they would reduce their mining output.

Previously, in February last year, Texas experienced a large-scale blackout due to an unusual cold wave, resulting in over 200 deaths and economic damages exceeding $50 billion (approximately 60.5 trillion KRW). At that time, factories of global companies located locally halted operations at the authorities' request, causing unavoidable corporate losses.

This content was produced with the assistance of AI translation services.