Bernstein: Texas electric grid moratorium won’t impact Bitcoin miners

Texas Governor Greg Abbott dropped a moratorium on new ERCOT grid connections for data centers on August 3, directing the Public Utility Commission of Texas and ERCOT to audit every data center project sitting in the interconnection queue before any further approvals move forward. The crypto mining industry briefly held its breath. It didn’t need to. Bernstein analysts say the moratorium won’t touch Bitcoin miners who already hold approved electricity contracts. In fact, it might be the best thing to happen to them in months. What the moratorium actually does Abbott’s directive targets new projects seeking grid connections, not operations that are already plugged in. The audit is aimed at roughly 90% of recent large-load requests in the ERCOT interconnection queue, which are primarily from data centers. Projects that fail to meet compliance standards during the audit will be denied connections entirely. ERCOT has also postponed implementation of its Batch Zero transmission planning study to accommodate the audit process. Why this is quietly bullish for established miners Bernstein’s core argument is that if no new competitors can secure grid connections while the audit plays out, t...