Rabbit Hole Recap #233: A Final Recap For The Rollercoaster Of A Year That Was 2022
Rabbit Hole Recap
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The Demand Response Model for Bitcoin Miners
The demand response model miners are engaging in is, hey, we'll pay spot prices for electricity day in and day out. But instead of mining Bitcoin, I'm going to turn off and sell the electricity allotted to us to the grid at a higher spot price when demand is high. So that was what was happening over the weekend. People were turning up their electricity. It wasn't because Bitcoin miners were acting altruistically or trying to save lives. They were economically excited to do so.
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