Happy Thursday, miners!
If November taught us anything, it’s that trust and responsibility matter: participate in crypto with trustworthy entities using responsible means and take charge of your own wallet. Some genuinely took this to heart, with a notable increase in google searches for ‘self custody’ and hardware wallet sales, such as Ledger and Trezor.
With the tide washing out from November and the latest collapse of grifters posing as crypto saviors (you know it’s bad when you retain Ghislaine Maxwell’s lawyer), the wise remain. And they have been rewarded with a seemingly bullish bear market. We told you two days ago the difficulty rate just plummeted 7.3%! Despite the low lows as of late, it quite literally pays to stay in the bitcoin game.
None of us in Texas have forgotten February 2021 when most of the state froze over and ERCOT (Electric Reliability Council of Texas, ironically) left us without power for over a week and a death toll of 246. Well, part of ERCOT’s contingency plan includes having crypto mining facilities help keep the lights on during times of high demand, encouraged by Governor Abbott’s pro-crypto policies.
Yet, mining facilities would supply at the most only 1.7 of the 9-12 gigawatts that would be needed to weather another potential snowpocalypse. The idea that crypto mines could function as a sort of backup battery is certainly debated, but it’s fascinating to see the intersection of mining and ordinary life on a variety of fronts. Speaking of fascinating, our offer still stands to come to check out where the magic happens in person or connect with us directly - Chris REALLY likes talking on the phone.
Keep mining, rain, or shine.