Texan media outlets reporting that power prices will double over the next 5 years because of Bitcoin mining.
Ugly truth: Power prices have already doubled in Texas over the last 5 years. Bitcoin miners had nothing to do with it. Relevant data in this tweet and thread below
The reality is that load has grown by ~40% in 5 years and all of that load growth has been met by wind and solar.
When wind and solar don't generate, prices blow out.
Jun, Aug, Sep 2023 were all record/near record power price months and the prices were driven by 7-11 pm prices
Dec 3, 2018 • 7 tweets • 2 min read
Let's take a look at the mining death spiral FUD, kids!
At $.05 KW/h 1 S9 makes about $1 of profit per day at $3800/BTC.
$.06-$.08 are still profitable under these conditions, $.09 is not.
The breakeven cost here for $.05 KW/h is $2300/BTC, a 40% sell-off from here. (read on)
As we drop to $2300, let's assume miners at $.06-.08 drop off gradually, if hashrate is trending downward, there is a financial incentive for breakeven or small-loss miners to continue hashing. The next difficulty adjustment will help them stay afloat + increase profitability
