Texas Grid Moratorium Poses Limited Risk to Bitcoin Miners, Bernstein Says

Texas has become a major hub for bitcoin mining and data centers, two power-intensive industries competing for access to the state’s electric grid. The governor’s directive to review proposed data-center connections and pause approvals has raised concerns that tighter access to electricity could disrupt existing mining operations or constrain future expansion in one of the industry’s most important US markets.

Bernstein analysts said the moratorium is unlikely to have a significant near-term impact on bitcoin miners in Texas because most operators have already secured approved power contracts. The latest policy action is therefore expected to weigh primarily on projects still awaiting permission to connect to the grid, rather than established mining sites, limiting the immediate operational risk for existing facilities.