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Comment by mensetmanusman | Hacker News Reader

This is interesting, if bitcoin collapses there will be that much “extra” electrical power available in a world where Russia is conquering neighbors and distorting prices.

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That is the Texas model... let miners drive up the average price for consumers across Texas, with the idea they will voluntarily stop mining and free up capacity when there is a power surge event. The Governor is so into free market ideology that instead of pricing capacity into the system, we are relying on private groups of miners to 'do the right thing' when needed. Meanwhile, the energy companies are seeking my permission to auto-adjust my smart thermostat to keep the miners running.

> The Governor is so into free market ideology that instead of pricing capacity into the system, we are relying on private groups of miners to 'do the right thing' when needed

"Doing the right thing" in response to a societal need is very much _not_ free market ideology. That's not actually his rationale, is it?! Pure magical thinking.

OK, so if this is not the Gov.'s thinking, what is it? Is the Gov planning some measure to ensure that the miners will actually shut down in a crisis to free up capacity? Is there some incentive for doing so, and/or penalty for not doing so?

If you have no answer, then GP is right, and the magical thinking is in your post.

If the event is only in TX then won't their pricing on electricity jump faster than the increased benefit of mining when most of TX mining shuts down? I mean there are real countries with stable electricity that won't sky rocket so the drop in hash rate can't cancel a price gouging only in Texas.

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