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The use of energy by cryptocurrency mining comes not just with anenvironmental cost but also an economic one through increases in electricityprices for other consumers. Here we investigate the increase in wholesale priceon Texas ERCOT grid due to energy consumption from cryptocurrency mining. Forevery GW of cryptocurrency mining load on the grid, we find that the wholesaleprice of electricity on the ERCOT grid increases by 2 per Cent. Given thattodays cryptocurrency mining load on the ERCOT grid is around 1 GW, it suggeststhat wholesale prices have already risen this amount. There are 27 GW of miningload waiting to be hooked up to the ERCOT grid. If cryptocurrency miningincreases rapidly, the price of energy in Texas could skyrocket.

A quantification of how much crypto-miners are driving up the wholesale cost of energy in Texas