Crypto

Crypto miners must register with state and reveal power usage under new Texas rule

Published

3 hours ago

November 25, 2024

Crypto miners must register with state and reveal power usage under new Texas rule

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Texas’ utility regulator on Thursday adopted a rule requiring cryptocurrency mining facilities connected to the state’s main electric grid to register with the state’s grid operator.

The rule, which was mandated by lawmakers in a 2023 bill, requires crypto mining facilities that consume more than 75 megawatts of power to tell the Public Utility Commission and the Electric Reliability Council of Texas, which oversees the state’s power grid, the facility’s location, ownership and electricity demand.

Crypto mining, which consumes vast amounts of power to run and cool its computers, has been growing in Texas, contributing to a surge in electricity demand across the state. The rule was designed to help the state see how much electricity crypto facilities will consume and protect the grid’s reliability.

“This is another example of the PUCT and ERCOT adapting to support a rapidly changing industrial landscape,” PUC Chairman Thomas Gleeson said in a statement. “Most importantly, we will always take the steps necessary to ensure reliable, affordable power for all Texans.”

Existing facilities must register by Feb. 1 and renew their registration annually. Companies must also provide each facility’s anticipated peak load for the next five years, in addition to the actual power the facility consumed in the prior year.

Failure to register could result in up to a $25,000 penalty per violation per day.

Crypto facilities are considered “large flexible loads” by state regulators, meaning they can adjust their power consumption quickly — such as powering off their computers when the grid is strained.

As of July, ERCOT estimated that crypto facilities on the main grid could use up to 2,600 megawatts of power — about the same amount of power used by the city of Austin. The state recently approved crypto mining facilities that are expected to use another 2,600 MW of electricity, and more are expected to locate in Texas soon.

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That growth, in addition to increasing interest in Texas from data centers, hydrogen production facilities and oil and gas companies that are electrifying their drilling operations largely concentrated in the Permian Basin, has driven ERCOT’s prediction that electricity demand in Texas could nearly double within six years.

Demand on the power grid hit a record of 85 gigawatts last year, which was the hottest ever recorded in the state. ERCOT experts now say demand could reach around 150 gigawatts by 2030.

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Crypto

Bitcoin, Ether, XRP, and others: Cryptocurrencies to watch this week

Published

11 hours ago

November 25, 2024

Press Room

Bitcoin, Ether, XRP, and others: Cryptocurrencies to watch this week

Illustration: Burak Can Oztas (Getty Images)

Bitcoin, the flagship cryptocurrency, is on the cusp of a historic milestone: $100,000. Last week, it came close, reaching an all-time high of $99,645 before retreating slightly. As of now, Bitcoin is trading around $98,000, maintaining a strong position despite the minor pullback.

Crypto enthusiasts worldwide are eagerly watching, hopeful that Bitcoin will soon shatter the $100,000 barrier—a market milestone that would further cement its status in financial history.

The cryptocurrency has shown impressive momentum, gaining over 8% in the past week and continuing its upward trajectory.

Crypto

The Impact of Recent Elections on US Crypto Policy: Coin Center Shares Insights – Bitcoin News

Published

20 hours ago

November 25, 2024

Press Room

The Impact of Recent Elections on US Crypto Policy: Coin Center Shares Insights – Bitcoin News

The recent U.S. elections could significantly shape the regulatory landscape for cryptocurrencies, according to Coin Center, a nonprofit focused on policy issues in the sector. Coin Center Analyzes Post-Election Crypto Policy Shifts In a detailed analysis by Peter Van Valkenburgh, Coin Center’s director of research, the organization examines both opportunities and challenges in the evolving […]

Crypto

Who Will Lead The SEC Next? Gensler’s Exit Sparks Speculation For 2025

Published

1 day ago

November 24, 2024

Press Room

Who Will Lead The SEC Next? Gensler’s Exit Sparks Speculation For 2025

A new U.S. Securities and Exchange Commission Chair will be appointed in 2025.

SEC Chairman Gary Gensler (Photo by Alex Wong/Getty Images)

Getty Images

Gensler Resigns as SEC Chair

Gary Gensler’s resignation as SEC Chair in January 2025 signals a major shift in cryptocurrency regulation. His aggressive enforcement drew criticism, and with bitcoin nearing $100,000, speculation grows that the next Chair under President-elect Trump will adopt a more industry-friendly approach.

Current SEC Chair Gary Gensler announced his resignation via press release on November 21, 2024. His departure is effective January 20, 2025, which coincides with President-elect Donald Trump’s inauguration.

SEC Press Release

The SEC press release states, “Gensler implemented reforms to enhance efficiency, resiliency, and integrity in U.S. capital markets; agency held wrongdoers accountable and returned billions to harmed investors.”

During his tenure, Gensler led significant regulatory initiatives, particularly in the cryptocurrency sector, resulting in over 2,700 enforcement actions and $21 billion in penalties. His departure is anticipated to usher in a more industry-friendly regulatory environment under the incoming administration.

Optimism Builds In Digital Assets

Digital asset industry leaders have praised Gensler’s decision to move on from the SEC.

It is widely accepted that the cryptocurrency industry is glad to see Gary Gensler resign due to his aggressive regulatory stance, which digital asset leaders viewed as stifling innovation and overly punitive.

Potential SEC Pick Likely To Be Pro-Crypto

All eyes are now on the various candidates who would replace Gensler as SEC Chair. Based upon Trump’s connection with the crypto community, many believe he will appoint a pro-crypto Chair.

Brian Armstrong, CEO of Coinbase, one of the largest crypto exchanges, posted on X his preferred pick is for Trump to appoint current SEC Commissioner Hester Peirce. Regarding Peirce as SEC Chair, Armstrong said,

“She would be the best choice. Smart, fair, professional. Can work with both sides.”

Another potential candidate is Mark Uyeda, also a current SEC Commissioner. Known for his pro-crypto stance, Uyeda has openly advocated for a defined and balanced approach to digital asset regulation and governance.

Dan Gallagher, who formerly served as a commissioner at the SEC, was also floated as a potential pick for Chair. However, Gallagher, who is now the Chief Legal Officer at Robinhood, stated he is not interested in returning to the SEC. Gallagher said:

“It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman. However, I have made it clear that I do not wish to be considered for this position.”

All Eyes On 2025

The SEC’s transition of leadership in 2025 marks a pivotal moment for the future of U.S. financial regulation, particularly in the cryptocurrency sector.

As speculation grows over who will succeed Gary Gensler, the industry braces for potential shifts in policy that could significantly impact innovation and compliance standards.

Meanwhile, bitcoin’s price continues its remarkable rally toward $100,000 per coin, reflecting renewed optimism in the crypto market and heightened anticipation for a more industry-friendly regulatory environment under the incoming administration.