One Bitcoin technology company has found a way to circumvent some of the controversy over the amount of electricity it uses: the firm has purchased a Texas wind farm to power its mining operations.
Florida-based MARA Holdings recently announced the purchase of a 114-megawatt wind farm in Hansford County located in the Texas Panhandle. Although the wind farm is in Texas, it is not a part of the Electric Reliability Council of Texas (ERCOT) energy grid, which powers most of the Lone Star State. Instead, the farm is part of the Southwest Power Pool energy system, which supplies electricity to Oklahoma, Kansas, Nebraska, South Dakota, and North Dakota.
Once the sale is completed in Q1 2025, the wind farm will be removed from the SPP energy grid and used to power the company’s Bitcoin mining enterprise in far North Texas.
Large-scale Bitcoin mining requires a tremendous amount of electricity as vast banks of computers churn their way through complex mathematical puzzles, the process through which the Bitcoin cryptocurrency is created. In addition, the facilities must run fans to keep the computers from overheating, exacerbating the energy drain.
Cryptocurrency mining operations in the U.S. account for somewhere between .06% to 2.3% of all electricity consumption in the nation, according to an estimate by the U.S. Energy Information Administration (EIA). One Bitcoin transaction takes an estimated 1,449kWh to complete — enough to power an average U.S. household for approximately 50 days, according to the Digiconomist’s Bitcoin Energy Consumption Index. […]
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