Texas mining farms go offline after snowstorm

Most Bitcoin mining farms in Texas were left without power due to a severe snowstorm last weekend. CoinDesk reports.

As a result of the outage, Luxor’s hash rate fell by 40%, as most of its hash rate comes from U.S. farms.

Some Bitcoin miners are taking advantage of the situation by selling unused electricity to local residents.

On Friday and Saturday ERCOT hit upwards of $8000. / $9000 a MW.

Some Bitcoin miners were able to capitalize on selling their unused energy back to the grid for a huge profit.

— $JP (@jpbaric) February 14, 2021

‘Some were able to earn huge profits by selling unused energy back to the grid,’ said John Paul Barik, CEO of Texas-based MiningStore.

According to a report by the Austin American-Statesman, since the weekend began the Texas power system had shed a small portion of its output as wind turbines stopped and natural gas for power plants became scarce. By Sunday evening, February 14, all types of energy sources were off the grid: nuclear, coal-fired plants and thermal power generators.

According to TechCrunch, about 30 GW of power were offline, of which 26 GW were from thermal power and the remainder from wind sources.

Extreme weather conditions also affected mining farms in Kentucky.

Earlier, the London-listed mining company Argo Blockchain announced the purchase of land in Texas for the construction of a new data centre for bitcoin mining.

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