For months, the crypto sector has been tracking regulatory movements in both China and America as though following a match. However, it seems the eyes of crypto watchers are settling on the West. Why? According to the Cambridge Bitcoin Electricity Consumption Index[1], America’s share of the average monthly hashrate spiked from 4.06% in September 2019 to 35.40% in August 2021.
During an episode[2] of The Pomp Podcast, investment expert Anthony Pompliano spoke to CoinMetrics co-founder Nic Carter about Bitcoin[3] mining in America, Texas[4], and the burning question of renewable energy.
Understanding numbers
Renewable energy has a strong potential for growth in the Lone Star state. Carter said[5],
“The Texas grid, I think it’s around 80 gigawatts – Ercot[6] – and you’re looking at, you know, maybe 20, 30 gigawatts of wind and solar [power], just in the next two years.”
For context, he claimed[7] that the whole Bitcoin network was around “10 gigawatts of power.”[8]
Carter’s own “reasonably conservative”[9] prediction was two to three gigawatts of energy dedicated to Bitcoin mining in Texas by the close of 2022. He said[10] this might be roughly 5% of Texas’ energy grid.
Harnessing energies
Apart from pro-Bitcoin politicians[11], Carter stressed on the importance of Texas’ abundant renewable energy sources. These included a “wind corridor”[12] from West Texas to Canada, extra natural gas, ample sunlight, and excess electricity which needed more buyers.
The exec also pointed out how nuclear energy suppliers were teaming up[13] with Bitcoin miners for better monetization. In short, Carter simply described the amount of renewable energy in Texas as “unbelievable,”[14]
He also
