PUCT approves rule requiring registration of virtual currency mining facilities

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The Public Utility Commission of Texas (PUCT) has approved a new rule necessitating virtual currency mining facilities in the ERCOT region to register with the PUCT annually, providing details on location, ownership, and electricity demand. This measure is aimed at ensuring grid reliability and meeting the electricity needs of Texans, with Chairman Thomas Gleeson highlighting the importance of adapting to support the changing industrial landscape. The rule, implementing PURA §39.360 under Senate Bill 1929, will give better insight into the power consumption characteristics of virtual currency mining facilities, helping ERCOT manage the grid more effectively as these facilities connect.

Virtual currency mining operations have experienced significant growth in electricity demand, both nationwide and in Texas, as per the Energy Information Administration. The EIA suggests that annual electricity use by such miners could potentially account for up to 2.3 percent of total U.S. electricity consumption, equivalent to the energy consumption of over 6 million homes. Facilities failing to comply with the new registration rule risk facing stiff penalties, with specific details on registration requirements and deadlines outlined in the approved regulation.