Riot's Vice President of Research: Bitcoin mining utilizes excess energy and helps stabilize the Texas power grid

ChainCatcher news, according to CryptoSlate, the Vice President of Research at Bitcoin mining company Riot Platforms, Pierre Rochard, stated that in Texas, excess electricity production caused its price to drop to $0 at one point, and Bitcoin miners were able to absorb this surplus energy, effectively stabilizing the grid.

Analysis points out that Bitcoin mining is often criticized for its energy consumption and environmental impact. However, it also provides significant benefits, particularly in terms of grid stability and energy efficiency. One key advantage is that Bitcoin miners can quickly turn mining equipment on and off, responding to fluctuations in energy demand.