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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Blue chip NFTs sink double digits as ETH retreats from record highs

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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  • NFT
    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    GaFin Joins Cyber Crash to Advance Web3 Gaming

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

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    Avalanche Selects Funtico to Support Indie Game Developers

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    Google Boosts Gemini AI Image Capabilities in Latest Salvo Against ChatGPT

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    How Toyota Plans to Transform Vehicle Data and Ownership with Blockchain

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    SoonVerse Partners with Arris to Enhance User Experience

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

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  • Analysis
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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Mining

Bitcoin Mining And ERCOT – The Data Tells The Story

February 6, 2024
in Mining
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Bitcoin Mining And ERCOT – The Data Tells The Story
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Several headlines recently described a 25% drop in bitcoin network difficulty during Winter Storm Finn in January. Most attributed this drop to curtailment activity in Texas. While Texas does represent 17% of the global bitcoin hashrate, ERCOT data shows that some of the curtailment activity was a combination of higher prices and “good grid citizenship.” In ERCOT, and to a lesser extent in other ISOs, prices are the best proxy for grid stress. There are other proxies such as PRC (physical responsive capability) but prices are a better measure for most situations. For that reason, in order to prevent swings in prices and create more challenging gird conditions, an optimal environment is one in which the price does not swing wildly up and down. However, price volatility is a frequent occurrence in ERCOT, as evidenced by Winter Storm Elliot in December 2022 (see graph below).

READ ALSO

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Bitcoin miners are the economically perfect consumers of electricity. That is not to say that bitcoin miners will consume electricity in an altruistic way, but rather that margins for bitcoin miners are uniquely sensitive to the price of power such that they are economically incentivized to curtail consumption when power prices exceed their breakeven threshold (current breakeven for most miners ranges between $100 and $200 per MWh). That means they will consume electricity when prices are below their breakeven price and turn off when prices are above it. There are some operational and practical exceptions to this, for example, if miners have data center colocation agreements that stipulate or guarantee uptime.

See also  Marathon Digital eyes Bitcoin growth with $700 million in convertible notes

Texans should want bitcoin miners to be on anytime power is abundant because their consistent consumption incentivizes the buildout of additional generation. And less counterintuitively, we naturally want bitcoin miners to curtail when prices are high and the grid is under stress.

That brings us to the January 2024 winter event of the week of January 15th. The headlines would have you think that the Texas grid was again stressed and that bitcoin miners curtailed as a result. The truth is much more nuanced. The average settlement price in the ERCOT wholesale power market during the worst three days of the storm was $100.76 per MWh, and prices never exceeded $600 per MWh. For context prices max out at $5,000 per MWh. As indicated by wholesale prices, the grid weathered the storm quite well with ample reserves throughout.

ERCOT did indeed issue a conservation alert, but that was more of a precautionary message for power consumers who don’t monitor the power price every second of every day like bitcoin miners do.

We did see some economic curtailment, meaning curtailing power usage based on price signals, from miners for extended periods, and some shorter periods when the prices exceeded $200 MWh. However, this activity was less pronounced than in previous winter events or summer heat waves because generation reserves were more abundant across the grid. Some bitcoin miners likely curtailed for longer periods as a gesture of good “grid citizenship,” and to show their commitment to a stable grid, but that is hardly quantifiable.

All of this evidence indicates that the difficulty drop last week necessitates a more nuanced explanation. Much of it was a result of curtailment in Texas, but after evaluating ERCOT pricing data, it leads me to believe that a material portion of that curtailment came from other ISOs in North America as well. In short, everyone who has an opinion about bitcoin mining curtailment would do well to watch ERCOT settlement and LMP prices. The data and the economics should form the backbone of all future analyses.

This is a guest post by Lee Bratcher. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

See also  Bitcoin Network's Mining Difficulty Drops 3.9% to 70.34 Trillion, Easing Miner Workload Amid Texas Cold Snap
Tags: BitcoindataERCOTMiningstorytells

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