Bitcoin
ERCOT Says Texas Energy Demand Will Double by 2030, With Bitcoin to Blame: Gas Demand Will Also Rise with Electrification – News
Photo by Getty Images
During a public hearing before the Texas Senate Business and Commerce Committee on June 12, the Public Utility Commission (PUC) and the Electric Reliability Council of Texas (ERCOT) reported that Texas energy demand is expected to nearly double by 2030.
Current demand is around 85 gigawatts, but is expected to increase to 150 GW in the next half of the decade.
Who is gobbling up all those gigawatts? Bitcoin, it seems. More than 50% of this new demand is expected to come from the growing number of crypto mining operations and data centers in the Permian Basin. Crypto mining is the process by which transactions are entered into the blockchain and also puts new bitcoins into circulation.
Currently, almost all industrial electricity demand in the Permian comes from oil and gas (and that demand is expected to expand as these industries do so too), but in recent years crypto mining has been growing from constant way. their equipment, meaning bitcoin miners will have competition for an already scarce resource amid increasingly hot summers. Frackers in West Texas are using electricity equivalent to nearly four Seattles a day, the Wall Street Journal reported in January.
Texas energy isn’t the only thing that crypto mining operations consume at an outsized rate. Last fall, it was discovered that in August 2023, ERCOT had paid bitcoin mining company Riot nearly US$32 million to conserve energy during periods of peak grid voltage. During the 2021 winter storm, the Bitdeer mining facility near Riot – which, combined with Riot, uses the same amount of energy as the 300,000 surrounding homes – received $18 billion from the state. This practice is understandably irritating to the average utility customer, who has been paying much higher bills while being repeatedly asked to turn off the air conditioning in the middle of triple-digit summer heat.
Last week, Lieutenant Governor Dan Patrick took to Twitter to say that ERCOT’s testimony was “shocking” and that “we need to take a closer look” at crypto miners and data centers, saying the industries “produce very few jobs compared to the incredible demands they place on our network. I’m more interested in building the grid to serve customers in their normal homes, apartments and businesses and keep costs as low as possible for them, rather than for niche industries that have massive energy demands and produce few jobs.”
In addition to the expansion of industries in the state, the population of Texas is expected to reach 50 million people by 2050. In response to this incredible demand, the Senate implemented an incentive subsidy program for the construction of new dispatchable generation facilities before the last session of 2029. In a statement may 31stPatrick reported that 81 gas companies have applied for low-interest loans from the state to build new dispatchable plants, which will add another 41 gigawatts to the grid.
In addition to building more energy sources, the upcoming surge in demand has grid operators and policymakers excited about certain policies that more progressive entities have been advocating all along. Groups like the Sierra Club have advocated for Texas to focus more on demand-side strategies — getting Texans to use less energy more efficiently, with better insulated homes and smart thermostats — before building new energy sources in recent years. legislative sessions.
These strategies would reduce consumer utility bills and stress on the network – and ideally would include paying the average customer to save during short periods of pressure on the network, the same benefit that cryptocurrency miners currently enjoy. The Sierra Club recently submitted comments to the PUC defending an increase in the state’s energy efficiency target, and ERCOT surprisingly responded in the affirmative: “ERCOT believes that a renewed focus on demand-side measures will be necessary to ensure a reliable grid in the future… potentially including energy efficiency programs.”
Bitcoin
What to watch for in the markets
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin
Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
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Bitcoin
Here’s the next target for BTC before bulls can hold out for $70K
Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
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