Cryptocurrency may sound like something that exists entirely online. But it has a very real physical presence — one that is already causing devastating impacts on U.S. citizens.
What's happening?
Texas is home to 10 of the 34 largest Bitcoin "mines," according to Inside Climate News. Bitcoin mines are enormous warehouses where thousands of powerful computers operate 24/7, running programs that support the cryptocurrency's transactions and operations.
But the use of so much power is doing more than simply validating purchases. It's now threatening to crash the state's power grids — particularly worrying for Texas, given its high prevalence of natural disasters, ICN reports.
The crypto mines can draw up to 2,600 megawatts of power — the equivalent of the power used by all of Austin — and their demand is on track to almost double by 2030, per the news outlet.
ICN referenced a social media post by state Lt. Gov. Dan Patrick, who said, "it can't be the Wild Wild West of data centers and crypto miners crashing our grid and turning the lights off."
They also drive up energy prices for consumers, contribute to air pollution, and generate noise pollution for nearby residents, per ICN.
"Nobody in their right mind would live here," the publication quoted resident Cheryl Shadden. "My windows rattle. The sound goes through my walls. My ears ring, 24/7."Â
Why is this concerning?
Not only do these facilities threaten the health and safety of Texans, they're highly incentivized to keep doing so. ICN explains their "three distinct ways to profit," which include the mining itself as well as redeeming cash back from unused energy.
"They can game the system in a few different ways for their profit," ICN quoted Mandy DeRoche, an attorney at Earthjustice.
But, as ICN illuminates, those profits "don't appear out of thin air, and consumer advocates are worried the burden falls on Texans." The state is lending billions of dollars in taxpayer money to power plants to meet the growing energy demands.
Given that a single plant expansion could create almost 800,000 additional tons of carbon dioxide per year, they would be fueling the same weather patterns that are threatening to collapse the grid in the first place. It's a grim cycle that has many officials concerned.
What's being done about this?
"This community has had enough," Shadden told ICN.
To hold the crypto companies and the Texas government accountable, Shadden's neighbors are preparing for state hearings and pressuring their representatives to crack down on these profit systems.
Additionally, continuing to educate Texans and the broader public could go a long way toward reducing demand for more sustainable crypto practices — even something as simple as using engineered coolant to reduce noise pollution from fans.
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