‘I’m pro-Bitcoin’, says ERCOT CEO

The interim CEO of the Electric Reliability Council of Texas (ERCOT) has publicly revealed he’s pro-Bitcoin.

Brad Jones was touring the state of Texas and holding town hall meetings with energy consumers when he told a crowd of residents in Frisco that he’s all for the cryptocurrency.

“I’m pro Bitcoin… but I’m too risk-averse to be an investor in Bitcoin,” he revealed.

ERCOT operates Texas’s electrical grid and supplies power to more than 25m customers in Texas, representing 90% of the state’s electricity load.

Texas has proven to be a breeding ground for Bitcoin mining, ranking second in Bitcoin’s hash rate in the United States, according to a survey from Foundry USA – a financing and advisory company focused on digital asset mining and staking.

Jones said a mutually beneficial relationship between Bitcoin miners and Texas was entirely possible because of the masses of energy the state is able to provide at competitive prices.

Additionally, ERCOT has plans to increase its renewable energy generation to the grid in a move that will enable Bitcoin miners to use more energy.

The CEO said the influx of Bitcoin miners to Texas was a valuable resource for the state.

“They can get paid to use power, and that’s why they’re coming to the state. But that’s not necessarily bad,” Jones said.

“So I think it’s really a valuable potential resource for us.”