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Author: Admin | 2025-04-28
To eventually consume 1 GW of electricity.Cipher Mining has disclosed that the average cost of electricity was approximately 2.7 c/kWh at their 207 MW facility in Odessa, TX.In addition, large crypto miners in Texas also make millions of dollars selling energy back to the grid. Crypto mines take advantage of extreme weather, by selling power it purchased for pennies back to the grid at inflated prices.Bitcoin mining has already raised electricity costs for Texans. A BloombergNEF report found that energy prices in Texas will soar for consumers if Bitcoin mining continues its rapid expansion. Models show peak energy prices increasing by 30% in one scenario in which the amount of crypto mining peak load roughly triples, and increasing by around 80% in a scenario in which the amount of crypto mining peak load increases around sixfold. The report states, “ERCOT power prices will be a function of new Bitcoin mining facilities.”In New York, in 2023:Residential ratepayers paid an average of 22.25 cents per kilowatt hours (kW/h) for their electricity.Commercial rate payers paid an average of 18.01 cents/kWh.Industrial rate payers paid an average of 6.87 cents/kWh.Let’s compare that to some known cryptocurrency miners in New York State:Digihost / World X Generation, a cryptocurrency mining company that bought a whole gas plant for its own personal use in North Tonawanda, New York, pays the equivalent of 3 cents/kWh.Terawulf, in Somerset, New York, appears to pay approximately the same, according to recent reporting, which is subsidized by New Yorkers, as most of their energy is provided by the New York Power Authority (NYPA).Crypto miners in Plattsburgh, NY paid 2 cents/kWh before the New York Public Service Commission, at the request of the impacted municipality, instituted a new protective rate to protect their community.In Georgia, in 2023:Residential ratepayers paid an average of 13.69 cents/kWh.Commercial rate payers paid an average of 10.70 cents/kWh.Industrial rate payers paid an average of 6.88 cents/kWh.In 2024, a major crypto miner in Georgia paid the following:Clean Spark Inc. which consumes several hundred MWs of electricity for its mining operations in Georgia, reported all-in power costs of 4.6 cents/kWh and wholesale electricity costs averaging 3.1 cents/kWh and reaching as low as 1.2 center/kWh at its wholly-owned sites. As of August 2024, CleanSpark owned and operated 12 Bitcoin mining facilities in Georgia.In Pennsylvania in 2023:Residential ratepayers paid an average of 18.10 cents/kWh.Commercial rate payers paid an average of 11.26 cents/kWh.Industrial rate payers
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