Texans believe their electrical infrastructure cannot support the high energy demand of the mining industry in the years to come. Swedish regulators allege that Bitcoin miners endanger the power grid, which a fund manager denies.

The demand for energy for the mining of cryptocurrencies in Texas will increase five times by 2023. The authorities of that US federal entity are enthusiastic that miners install as many farms as possible there.

However, many citizens express their concern, alleging that their electrical infrastructure cannot support the high demand for energy in the coming years. Currently, Texas is among the regions with the highest number of farms, using 500MW of power.

Some reports indicate that the quantity demanded would multiply five times by 2023. Adding to the supply capacity, environmental activists express their concerns due to the unpleasant experience of New York with the company owning Greenidge.

Hackers Use Google Cloud Accounts to Illegally Mine Cryptocurrencies

Some of the most recent news is about cryptocurrency mining and its use on Google Cloud. A report by the technology firm reveals that hackers are using compromised accounts to extract crypto assets illegally.

The abovementioned report states the criminals use 86% of the last 50 accounts compromised to mine cryptocurrencies. For that purpose, they install some software in less than 30 seconds to start operating, targeting misconfigured accounts.

The hackers use those accounts as bridges to the GPUs or CPUs of the holders, taking advantage of computing power to mine. They also took advantage of the storage capacity to mine Chia coin, which works with the Proof-of-Space protocol.

Swedish Fund Manager Denies that Miners Compromise the Power Grid

Something that worries the cryptocurrency mining community is the proposal by Swedish regulators to ban the business in Europe. Important actors criticize their vision of the authorities as they believe that it does not agree with reality.

In that sense, fund manager Melanion Capital states that it is false information. They consider that what regulators claim about Bitcoin miners endangering the power grid is entirely untrue.

Besides, that firm recalled that the mining business model is self-regulating regarding its consumption. In other words, many miners go bankrupt when demand increases, as that causes energy costs to rise. That forces part of the mining equipment to disconnect to avoid operating at a loss.

Norway Thinks of Banning Digital Mining Due to High Energy Consumption

Norway, one of the favorite destinations for displaced Chinese Bitcoin mining companies, now seems not to like the business very much. After the wave of suspicion recently raised by Sweden, the Scandinavian country is thinking of banning that business in its territory.

Bjorn Arild Gram, the Minister of Regional Development and Local Governments said that the country would decide. The potential measures would address the challenges that cryptocurrency mining poses. Likewise, he said that it is hard to justify the extensive use of renewable energy.

Bitcoin mining receives a new attack from the authorities of European countries. For example, the Swedish authorities previously requested a review of policies on energy consumption, which could lead to the ban on the business on the continent.

By Alexander Salazar

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