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MAGS 🔑⛏️🚒

@Crypto_Mags

Dec 2, 2022 • 11 tweets • 3 min read • Read on X

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ERCOTs new study shows that Bitcoin miners are providing a benefit to the Texas grid
🧵👇🏼

The Texas grid operator ERCOT just released a report that evaluates the adequacy of installed generation capacity for the winter based on historic data + several risk scenario forecasts (eg extreme demand, low wind, extreme peak load)
2/

The ERCOT report shows that Bitcoin miners are predicted to provide (ie curtail) 1.7GW to help meet winter peak demand in Texas
3/

The 1.7 GW curtailment by Bitcoin miners represents 2.5% of the winter peak load forecast (baseline), which is not insignificant if you consider the nascency of mining in Texas
4/

Bitcoin miners are expected to provide more capacity to the Texas grid from curtailment (1.7GW) than energy storage (0.9GW), solar (1.5GW), or hydro (0.4GW) alone!

- ERCOT resource adequacy study
5/

ERCOT assumes that co-located Bitcoin miners shut down below their breakeven threshold (est to be at $86/MWh for an s19 this Nov)

97% of their power requirements become available to meet winter grid demand
6/

Why is this important? Texas suffered an extreme weather event in 2021, which strained the grid, left 4.5m people w/out power (& heat), & caused damages to water & gas distribution systems

Miners provide a capacity buffer that help grids weather the storm during extreme events
7

Outside of extreme weather events, bitcoin miners provide a predictable revenue steam for the power they use, thus supporting the generators they're colocated with, or subsidize other ratepayers in regulated electricity markets such as Canada (system costs need to be recovered)
8

Reports like this are an important tool for short term system planning (ie this winter)

Further, ERCOT can also model the impact of Bitcoin miners wrt long term system planning, as additional renewables & industrial & household loads are expected to change overtime
9/

ERCOTs report can also provide valuable insights to other jurisdictions wrt how Bitcoin mining fits into the electricity grid, particularly those that are contemplating unfavorable politices wrt mining

Looking at you NY, Quebec, Manitoba, Labrador & Ontario #canpoli
10/

ERCOT report link: ercot.com/files/docs/202…
11/

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More from @Crypto_Mags

MAGS 🔑⛏️🚒

@Crypto_Mags

Feb 19

I spent 2 weeks in Argentina

Here are a few observations + stories from locals wrt fiat currency & travel costs
1/

The largest denomination in 🇦🇷 is 2,000ARS ($2.40), recently created, but rare to receive from an exchange

I'm told the gov is contemplating a 20,000ARS bill (imo a necessity given continued inflation & the awkwardness of paying for any >$100 purchase
2/

Cash is king for most transactions

This incl for large purchases like cars & homes, but USD is the currency of choice in those cases wrt store of value + logistics

👇🏼 is $200 equiv for illustration
3/

Read 13 tweets

MAGS 🔑⛏️🚒

@Crypto_Mags

Dec 1, 2023

The Bitcoin mining water critics are not doing the math right when it comes to water use for 3 reasons, a🧵👇🏼
1/

In effect, the critics assume the following:
1. Identify the electricity grid mix for each mining jurisdiction
2. Apply the water impact of each energy source (eg nuclear, hydro)
3. Apply 👆🏼 proportionally to how much ⚡️ bitcoin consumes
4. Estimate a per tx water use
2/

Let's examine why their assumptions are problematic

1. Direct vs indirect water use

The biggest issue is they assume direct water use by miners when it's indirect (ie electricity generators) <-- this is an important distinction so let's explore in analogies
3/

Read 14 tweets

MAGS 🔑⛏️🚒

@Crypto_Mags

Nov 30, 2023

Today the @bankofcanada dropped a report from its #CBDC consulations.

The findings: Canadians do *not* want a CBDC. #canpoli

A🧵 of highlights 👇🏼
1/

9 out of 10 Canadians don't trust the @bankofcanada to issue a secure #CBDC
2/

There's not a lot of trust in government, tech companies or government in general!
3/

Read 9 tweets

MAGS 🔑⛏️🚒

@Crypto_Mags

Nov 18, 2023

Not enough children's stories about Bitcoin? Create your own!

Here's one, spot the Easter 🥚s 👇🏼
---
𝗧𝗼𝘀𝗵𝗶 𝗮𝗻𝗱 𝗠𝗲𝗿𝗸𝗹𝗲'𝘀 𝗕𝗶𝗴 𝗠𝗶𝗻𝗶𝗻𝗴 𝗔𝗱𝘃𝗲𝗻𝘁𝘂𝗿𝗲

In the bustling town of Barksville, lived Toshi the sausage dog & his adventurous friend Merkle.
1/

Toshi was small but mighty smart. He always watched his owners to learn about technology, & his tiny paws were perfect for tinkering with electronics.

Merkle was a big dog, loved by everyone for his happy nature. His favorite things were food, branches, and a good adventure.
2/

One sunny day, Toshi and Merkle stumbled on a big problem. The town's beloved park was in danger of being closed due to lack of funds.

The mayor announced a contest to find a solution to save the park, and the two friends knew they had to help.
3/

Read 10 tweets

MAGS 🔑⛏️🚒

@Crypto_Mags

Mar 28, 2023

@Greenpeace

Yesterday @Greenpeace released a "research" report asking financial institutions like @Fidelity support changing Bitcoin's code from PoW to PoS.

Let's dive in why this is in bad faith & #TheCodeisPerfect
1/

GPs "research" is the usual misinformation abt how bitcoin works & energy use that has been debunked by *real* climate activists in Bitcoin

> 50% of Bitcoin's network is ZERO emissions, period. Emissions are DECLINING. Carbon NEGATIVE is coming. See 👇🏽
2/
batcoinz.com/beest/

GP is 'concerned' Bitcoin is accelerating a climate crisis, fueled by "Big Finance"

... If GP was truly concerned about the impact of Big Finance, they would focus on legacy finance's carbon emissions (see next tweets)
3/

Read 10 tweets

MAGS 🔑⛏️🚒

@Crypto_Mags

Oct 14, 2022

@bankofcanada

A new @bankofcanada report on Bitcoin ownership dropped

Highlights 🧵👇🏽
1/

13% of Canadians owned #Bitcoin in 2021
2/

#Bitcoin ownership rose sharply in 2021 due to
- higher savings & wealth during the pandemic
- more platforms & accessible/easy options to buy Bitcoin

(not to rub it in again my US friends, but we do have multiple Bitcoin & crypto ETFs in Canada)
3/

Read 21 tweets

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