Crypto Mining in Texas May Demand 5 Times More Electricity by 2023, ERCOT Predicts

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With Bitcoin mining picking up steam in Texas, US, its grid operator Electric Reliability Council of Texas (ERCOT) has foreseen a five-fold increment in energy loads. In the next two years, by 2023, ERCOT predicts that it would have to produce at least up to 5,000MW more electricity to support crypto mining and data centres. The crypto industry is already consuming up to 1,000MW of electricity in Texas, ERCOT officials have revealed to the media during a recent interaction.

Texas emerged as a Bitcoin mining hub after the Chinese government criminalised all crypto-related activities earlier this year. Excessive power consumption in crypto mining was one of the important reasons why China took the drastic measure.

The state offers a 10-year tax abatement, sales tax credits, and state-sponsored workforce training to crypto miners, attracting more of them, a report by Data Center Dynamics said.

At present, two of the world's largest cryptocurrency mines are under construction in Texas.

A number of residents from the state have linked this energy consuming process of Bitcoin mining to the electricity outages they have to put up with.

In February 2021, the electricity board of Texas found itself on the receiving end of criticism for mismanaging power supply, leading to blackouts and no heat for days to sustain the winter. Hundreds of people lost their lives during this time due to lack of heat and shortage of food. Even industries were shut down.

At the time, ERCOT had blamed the on extreme weather conditions, which are expected to grow as an issue owing to the anthropogenic climate change.

Residents of Texas are currently concerned about adding more stress to the already loaded power-grid systems.

As per a research report, cryptocurrency mining hardware is constantly running, hence consuming energy.

Between January 1, 2016, and June 30, 2018, the mining operations for four major cryptocurrencies released up to an estimated 13 million metric tons of carbon dioxide.

In recent times however, several pro-crypto regions are trying to power crypto mining with clean energy resources to decarbonize the process.

For instance, El Salvador is also powering its Bitcoin mining facility using geothermal volcanic energy.

Francis Suarez, the mayor of Miami, has also proposed setting up a Bitcoin-mining facility near a nuclear power plant in Florida. As per a report by Latest News Today, nuclear energy is on the brink of being recognised as a true environmental, social, and corporate governance (ESG) solution in terms of energy.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Will Continue to Face Ransomware, Botnet Attacks in 2021: Sophos Cybersecurity Threat Report

Cybersecurity form Sophos says that attacks such as ransomware will continue to make use of cryptocurrency. Over the past year and a half, ransomware attacks constituted 79 percent of all global cybersecurity breaches, it said. These incidents, investigated and remediated by Sophos' rapid response team, reveal that some of these attacks target crypto investors through fake app login screens.

The Sophos' 2022 Threat Report which was published over the weekend, aims to provide perspective on security threats and trends facing organisations in 2022 and the threat landscape in 2021, with additional insights on possible loopholes that could be breached in the future. The study talks about a mobile malware family that ran riot in 2021 known as Flubot as one of the predominant banking trojans affecting the Android platform.

The malware presents users with fake bank and cryptocurrency app login screens to steal the user's passwords for those services. In addition to robbing bank details, it also steals data like the contact list, which it then uses to spam the victim's friends and associates with messages that can lead to additional Flubot infections.

The malware spreads primarily through SMS text messages and mimics popular shipment tracking services from major international parcel shipment services like DHL, FedEx and UPS. The victim receives SMS alerts with a URL link, and occasionally an SMS that pretends to be a voicemail message – also with a web link.

Sophos also warns that automated botnet attacks like Mirai have gained in prominence too over the years, becoming the vehicle of choice to deliver crypto-mining malware. These bits of code infect various corporate assets such as servers and IoT devices, cyber-criminals can use the collective processing power of hundreds – or thousands – of machines to mine cryptocurrency and spread it to further devices.

“As a method of evading sanctions, cryptocurrencies are well suited to the task, which may be why criminals based in regions of the world that remain under traditional economic sanctions exclusively deal in cryptocurrency. Beyond that, because cryptocurrency is anonymous, it can be difficult to determine where the money ends up,” states the report.

“Sophos believes that the illicit use of cryptocurrency, both to evade sanctions and to obfuscate involvement in criminal activity, will continue to increase in 2022, with ransomware and crypto-jacking being the two most prominent ways that criminals can directly receive cryptocurrency payments from their victims,” the report adds.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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