Moving to electric vehicles will dull recessions currently inflated by oil

Typical Beamer driver.

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In the drivers defense, it doesn’t look like the passenger side door could be opened if the car had been parked in the lines.

Hard to defend a BMW with a tail pollution pipe
parking in 1 (or 2) clearly marked EV spots.

Didn’t notice the tailpipe! (insert head slap here) LOL

Don’t slap too hard …maybe it’s a Plug-in Hybrid BMW ?

Teslas help keeping crime down. Town bought Tesla police cars and their gas savings allowed them to hire 2 extra officers.

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I’ll just add this here as it’s about the electrical grid and concerns have been expressed
that EVs would be to much for our grid…

Texas officials rethinking the load crypto is putting on the grid and consumers.

“Shocking testimony today in the
Senate Committee on Business &
Commerce that within only six years
(that’s only three legislative
sessions), our power grid needs will grow from about 85,000 to 150,000 megawatts. That is much higher than the 110,000 megawatts they previously projected,” Lt. Gov. Dan Patrick frantically posted on Twitter, now known as X.
If only they’d read a newspaper. My colleagues Claire Hao and Sara DiNatale have written extensively about the Electric Reliability Council of Texas’ forecasts since April and cryptocurrency miners’ role in driving up demand and prices.
Patrick, Gov. Greg Abbott and other Republican leaders had touted bitcoin mining as a solution to stabilizing the ERCOT grid, but Patrick no longer believes the crypto enthusiasts’ fable.
“Crypto miners and data centers will be responsible for over 50% of the added growth. We need to take a close look at those two industries. They produce very few jobs compared to the incredible demands they place on our grid,” Patrick continued. “Crypto mining may actually make more money selling electricity back to the grid than from their crypto mining operations.”
“Texans will ultimately pay the price,” he added.

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The sad part about this is it seems to be a surprise to Patrick when it has been discussed publicly since at least Feb of 2021.

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Crypto is ludicrous. It serves no legitimate purpose but provide to weath to the energy consuming miners and traders. Its a horrible form of money/medium of exchange, providing no legitimate benefit beyond existing forms of money.

Texas and other places should outlaw digital currancy mining. The benefit to current Texas electrical customers would be an appreciable rate decrease.

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Gronk knows about crypto

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Here is the most current list I can find of countries that have banned the use and/or mining.

Not a lot of places on this list I’d like to live in…but this may be a case of learning from others
no matter who they may be.

Country Ban introduced
Afghanistan The Taliban prohibited crypto trading in August 2022.
Algeria In 2018 Algerian parliament passed the Financial Law, which prohibits the purchase, sale, use, and possession of crypto.
Bangladesh In 2017, Bangladesh Bank stated that crypto assets are considered illegal and issued a notice in 2022 that it does not recognize virtual currencies.
Bolivia The Central Bank of Bolivia has banned crypto use since 2014 and reiterated its position in 2022, barring the banking sector from any crypto-related transactions.
China In 2021, the government extended previous restrictions to ban mining, outlaw crypto transactions, and block foreign exchanges from offering services to Chinese citizens.
Egypt In 2022, the central bank renewed its warning against crypto because of its high risks, fluctuating value, and use in financial crimes.
Ghana In 2022, the government reiterated its 2018 ban on the use of crypto in all financial transactions while it assesses how blockchain technology fits into the payments system.
Iraq The Iraqi Central Bank prohibited crypto in 2017, and in 2018, the Kurdistan Regional Government’s Supreme Fatwa Board ruled against the use of the OneCoin cryptocurrency.
Kuwait In July 2023, Kuwait’s Capital Markets Authority banned virtual asset transactions, including crypto, as part of anti-money laundering efforts.
Lesotho The central bank has stated since 2018 that crypto is unregulated and unlicensed, so promoting crypto investments is forbidden.
Libya In 2018, the Central Bank of Libya stated that virtual currencies are illegal, pending regulation, as they may be used to carry out criminal activities. In June 2023, 50 Chinese nationals were arrested in a crackdown on illegal mining.
Morocco The Ministry of Economy and Finance banned all crypto transactions in 2017 as violations of exchange regulations. But in January 2023, the central bank announced a draft crypto regulation bill.
Myanmar In 2020, the Central Bank of Myanmar declared a ban, stating that anyone caught trading crypto could be imprisoned or fined. In July 2023, the shadow government set up a crypto bank to disrupt the foreign currency flows to the ruling military junta.
Nepal The central bank, Nepal Rastra Bank, banned crypto use, exchange, and mining in 2017, and in 2021, it stated that crypto trading and encouraging others to use crypto are illegal. In January 2023, Nepal’s Telecommunications Authority instructed all Internet service providers to block all crypto-related websites, apps, or online networks.
North Macedonia The government has completely banned crypto use since 2016.
Republic of Congo According to the International Monetary Fund (IMF), the government has banned crypto outright outright.
Saudi Arabia In 2017, the Saudi Arabian Monetary Agency (SAMA) stated that financial institutions are banned from crypto transactions, and the government issued a warning in 2019 about transacting in crypto assets unsanctioned by the state. In 2022, SAMA hired a virtual assets lead to develop regulations.
Sierra Leone The Bank of Sierra Leone banned two crypto companies in 2019 and announced that it has not licensed or permitted any businesses or financial institutions to take deposits for crypto investing or trading.
Tunisia Tunisia has strictly banned the use of crypto. There have been calls to decriminalize it since a teenager was arrested in 2021 for using crypto in an online transaction.

https://www.techopedia.com/cryptocurrency-bans-explained-which-countries-have-restricted-crypto

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I have done OK with crypto but my son got me into it back in 2017 but I agree cyrpto mining requires a lot of electricity.

Hold on…I forgot there is one useful thing about crypto…it helps scammers!

“Crypto is obviously a very good mechanism for criminals to use,” says Duncan. “There’s no way to reverse payments; once the money’s in the criminal’s wallet, it’s gone.”

It’s traceable but good luck getting law enforcement to go after the bad guys…they ain’t got time for that.

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Yep, it’s the currency of choice for pig butchering schemes.

https://www.cnn.com/2024/06/17/asia/pig-butchering-scam-southeast-asia-dst-intl-hnk/index.html

District of Massachusetts | United States Files Forfeiture Action to Recover Cryptocurrency Traceable to Pig Butchering Romance Scam | United States Department of Justice.

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Yes blame EVs for a possible grid shut down, but not the million and millions that have moved to Texas. All using a/c. It’s like blaming EVs for a possible collapse of parking garages but ignoring that pickup trucks are the best selling cars in the US. Brainwashing at its best.

4 days ago…I can’t read the whole article because I’m not a subscriber but here’s the money quote…

ERCOT is aware of approximately 2,000 megawatts of crypto mining demand, but there could be upwards of 4,000 megawatts or more in Texas, Vegas said. One megawatt can power about 250 Texas homes during the hottest summer days, according to ERCOT.

So, they are sucking up 500K to 1 Million houses worth of electricity…just going to waste.

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Yea, but blame EVs.

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Here’s the whole article…

Spooked by projections of how much electricity Texas could need by 2030, lawmakers have soured on the growth of cryptocurrency mining after years of welcoming the industry to the state.

The Electric Reliability Council of Texas, the state’s grid operator, said in April that Texas could need 152 gigawatts of electricity by the end of the decade, compared with a record 85.5 gigawatts set by the grid last summer. This forecast is approximately 40 gigawatts greater than what ERCOT expected last year, with around 60% of that new demand coming from potential cryptocurrency mines and data centers, regulators told lawmakers this week during legislative hearings about the power grid.

The Permian Basin alone is expected to see 24 gigawatts of added power demand, about half from electrification of oil and gas operations and half from data centers and cryptocurrency mines, ERCOT CEO Pablo Vegas told lawmakers.

This unprecedented growth could further strain Texas’ power grid and would require significant new infrastructure, such as transmission lines to move electricity across the state. Lawmakers, including Lt. Gov. Dan Patrick, expressed concern that Texas residents would ultimately bear the costs.

“I’m more interested in building the grid to service customers in their homes, apartments, and normal businesses and keeping costs as low as possible for them instead of for very niche industries that have massive power demands and produce few jobs,” Patrick wrote in a post on X. “We want data centers, but it can’t be the Wild Wild West of data centers and crypto miners crashing our grid and turning the lights off.”

Transmission costs make up 30% to 40% of the average customer’s electric bill each month, according to Courtney Hjaltman, chief executive of the Office of Public Utility Council, which represents residential and small commercial customers in rate cases. That portion of the bill has been rising as utilities upgrade equipment to withstand extreme weather and build new lines to accommodate demand growth.

GRID TRACKER: How is the Texas power grid holding up?

José Menéndez, D-San Antonio, said he didn’t want Texans, especially those on fixed incomes, to absorb the cost of grid upgrades needed for businesses like bitcoin miners.

“I see something inherently unjust in the fact that we’re asking everyday Texans who’re making tough decisions — costs, grocery stores — to be paying for the ability for other people to make even greater profit, especially if they’re moving from place to place to place and taking advantage of the low cost of Texas energy,” Menéndez said.

Lawmakers repeatedly expressed shock at how much power Texas could need in six years during Wednesday’s Senate Committee on Business and Commerce hearing, with Sen. Robert Nichols, R-Jacksonville, calling it “the most alarming thing I’ve heard this week.”

“Even in the back hallway, you couldn’t tell me?” Sen. Charles Schwertner, R-Georgetown, asked, after ERCOT Chief Operating Officer Woody Rickerson said the grid operator wasn’t allowed to factor in potential sources of power demand that didn’t have a signed contract before this year.

Sen. Nathan Johnson, D-Dallas, said the new demand projections signal the arrival of “a completely new economy really in Texas, and certainly a new grid.”

CONCERNED: New technology could stabilize Texas’ grid. But Houston-area residents are wary of its expansion.

“It’s huge policy implications. Every assumption that we’ve made over the past four years is now called into question once again. All of them,” he said.

Cryptocurrency miners, however, were adamant that they are a tool for, rather than a threat to, grid stability. That’s because they regularly reduce electricity use when power prices are high and economically inefficient to mine cryptocurrency, decreasing demand when the grid is most stressed. ERCOT also has so-called demand response programs that pay large electricity users, including cryptocurrency miners, to reduce consumption when the grid is strained.

“We are the lowest risk price signal for bringing new generation on,” Brian Morgenstern, head of public policy for Riot Platforms, a bitcoin mining company with facilities in Rockdale and Corsicana, told state senators. “We’re the most flexible, we’re the cheapest in terms of marginal costs, to give that power back when it’s needed, or more accurately, to give ERCOT control of our load.”

About 40,000 megawatts of so-called large flexible loads, which include bitcoin mines, have submitted applications to connect to the ERCOT grid, Lee Bratcher, president of the Texas Blockchain Council, an industry association, told lawmakers. But much of that is “phantom load,” he said.

“Very little of it will come to fruition,” Bratcher said. “A data center, a bitcoin mining data center or many others, will go in and apply for multiple sites, and that’s how you get the congested queue. We as an industry also support pushing that load out.”

Still, Sen. Donna Campbell, R-New Braunfels, asked regulators whether Texas could stop the influx of data centers because of their potentially massive electricity needs.

“Can we just say, ‘No, you can’t come?’” Campbell asked. “Too many pigs at the table who just run out of food. If they don’t come with their own trough full of food, can we just say no?”

In response to a similar question during the House of Representatives State Affairs Committee hearing earlier in the week, ERCOT’s Vegas said the grid operator would prefer to have more insight into cryptocurrency mining operations. Legislation was passed to require crypto mining facilities to register with ERCOT, but some are unlikely to do so until rules on how they have to register are imposed, he said.

ERCOT is aware of approximately 2,000 megawatts of crypto mining demand, but there could be upwards of 4,000 megawatts or more in Texas, Vegas said. One megawatt can power about 250 Texas homes during the hottest summer days, according to ERCOT.

“To your question on legislation to put a moratorium on crypto mining, what would be more helpful for ERCOT is to have more visibility to what these large loads are doing. A good place to start could be making sure we can track and even potentially control the loads of cryptos,” Vegas said.

Bitcoin is one of many cryptocurrencies whose mines are essentially bank upon bank of computers competing to solve complex math problems and receiving bitcoin as a reward. Running these computers and the cooling they require consumes large amounts of energy. By one estimate, a single bitcoin transaction uses the equivalent of 26 days of the average U.S. household’s power consumption.

Texas has emerged as the bitcoin mining capital of the world by luring companies with the promise of cheap electricity with which to power their operations. As of July, mines in Texas totaled 28.5% of the nation’s bitcoin network’s computing power, more than any other state. Gov. Greg Abbott has been a vocal advocate for the cryptocurrency industry in Texas in recent years. Patrick, meanwhile, in 2021 appointed several members to a working group to develop a plan for expanding the blockchain industry in Texas.

Though less the focus of lawmakers’ anxieties this week, the rise of artificial intelligence is another significant source of anticipated power demand as those companies’ data centers hunt for grids to connect to. The amount of energy it takes to run an AI search is between 10 to 30 times the power required for a traditional Google search, ERCOT’s Vegas told lawmakers.

I thought they were blaming crypto. Really the blame lies in our elected leaders that either play politics with, or kick the can down the road with investing in the state’s future.