Cryptocurrency Mining is Costing Texans Millions; Texans and Advocates are Calling for Responsible Reform

AUSTIN, NY (09/14/2023) (readMedia)-- On Friday, Texans and advocacy groups are joining forces for a press conference in response to Riot Platforms' announcement of $31.7 million in energy credits from ERCOT for temporarily shutting down their crypto-mining operations during Texas's record-breaking August heatwave. ERCOT's demand- and reserve- response programs' pay crypto-miners and other industrial consumers for just promising to shut down if they're asked – and pay more if they comply – makes Texas an attractive location for energy-guzzling crypto-miners who make millions from ERCOT's demand-response programs and by playing Texas's deregulated energy market and selling electricity back to the grid at peak times. Meanwhile, Texas is asking voters to decide on Proposition 7 this November to incentivize fracked gas power plant owners to increase generating capacity while ignoring less costly strategies that would reduce demand.

Texans and experts will discuss the unjust nature of a program that pays energy-straining crypto-miners to conserve while everyday Texans are asked to do the same for free and ERCOT fails to strengthen Texas' grid for the future. They will also call for solutions that result in energy demand reduction, not more fossil fuels.