- The CEO and founder of Micro Strategy Inc. said Bitcoin miners acted decisively to stabilize the Texas power grid.
- According to ERCOT, electricity use in Texas reached an all-time high amid the intense heat wave.
- The demand on the power grid topped 74.9 gigawatts on June 12, 2022, surpassing a record set in August 2019.
Michael Saylor, the CEO and founder of MicroStrategy Incorporated, said Bitcoin miners acted decisively over the week to stabilize the Texas power grid, which yielded excellent results. He made the statement via a tweet early today, June 13, 2022.
Saylor also noted that despite the searing heat wave, the grid operated optimally and that there were ample supplies to meet demand.
Several Twitter (NYSE:TWTR) users reacted to Saylor’s claim. They argue that his claim was bogus without anything to show for proof, though Saylor quoted a report from Bloomberg.
From the report, it was not clear whether any Bitcoin mining firm actively took part in Texas’ power grid stabilization. Nonetheless, CQNews reported last week that Jason Les, the CEO of Riot Blockchain (NASDAQ:RIOT), said their Bitcoin mining facility could stabilize the power grid problems in Texas by powering up when there is an excess capacity and down when there is high usage.
According to the Electric Reliability Council of Texas (ERCOT), electricity use in Texas reached an all-time high amid the intense heat wave. The demand on the power grid topped 74.9 gigawatts on June 12, 2022, which exceeds a record set in August 2019. Yet one gigawatt was enough to power about 200,000 Texas homes.
According to a report from Bloomberg, ERCOT remains under scrutiny after the Texas electric grid collapsed during a winter storm. The storm left much of the state without power for days and more than 240 people died. Officials enacted a raft of reforms following the crisis. However, critics warn the system remains vulnerable, says Bloomberg.