The U.S. high-temperature sub-grid sounded the red alarm. Bitcoin's mine became the "Bitch Man"

Author:The heart of strength

At the end of June 2026, a &ldquao; the hot dome & rdquao; pushed the largest United States grid, PJM, into the corner。

ON 1 JULY, THE GRID, WHICH SERVES 67 MILLION PEOPLE, REACHED ITS SECOND-HIGHEST ELECTRICITY LOAD IN HISTORY, 161,910 MW。

THE FOLLOWING DAY, THE OPERATIONAL BACK-UP CAPACITY FELL SHARPLY FROM 10,996 MW TO 5,091 MW, WITH A THIN BUFFER PAD。

Thus, on 30 June, the Minister of Energy, Chris Wright, signed two emergency orders, effective 11:59 p.m。

The first order allows the designated crew to temporarily break the environmental emissions cap and to generate full power。

The first order was to allow, as a last resort, the grid to compel large users (such as data centres and bitcoin mines) above 50 MW to cut off the grid within 15 minutes and use their own back-up generators。

On 2 July, wholesale electricity prices surged to over $2,000/MWh and Western Hub settlement prices to $1,222.75/MWh, nearly three times higher than the comparable peak of the same period last year。

FROM 1 JULY TO 3 JULY, PJM ISSUED SUCCESSIVE HIGH-TEMPERATURE EARLY WARNING AND MAXIMUM-POWER WARNING, REQUESTING THE PLANT TO DELAY REPAIRS AND TO OPEN FULL UNITS。

IN ONE OF THE MINES COVERED BY PJM, A LINE OF ASIC MACHINES IS IN AN ORDERLY STATE OF BLACKOUT。

You think the miners are losing money against the black screen? On the contrary, they're probably making more profits than mining。

I, turn off the phone and pay

in fact, in the grid system, large bitcoin miners are never simple & ldquo; electricity-consuming households & rdquo; they're actually doing a “ gambling & rdquo; business。

the grid has a set of &ldquao; demand response &rdquao; mechanisms。

In short, the grid has signed a deal with a big client, and I usually give you low-cost electricity, but when the extreme weather grid collapses, you have to listen to me and turn it off, and in return, I'll pay you well。

THE ELRP (EMERGENCY LOAD RESPONSE) AND CP (CAPACITY PERFORMANCE) PROJECTS OF PJM ARE TYPICAL OF SUCH MECHANISMS。

Mines such as Bitfarms and Mawson are involved in local demand response projects at PJM sites。

Moreover, in the ERCOT grid next to Texas, the head mining company Riot Platforms had run the business。

IN 2026, Q1, THEY RECEIVED A TOTAL OF $21.0 M OF POWER CUT CREDIT, AN INCREASE OF 171 PER CENT OVER THE SAME PERIOD。

THIS IS $21.0 M, $13.5 M FROM DIRECT POWER CUTS AND 7.5 M FROM DEMAND RESPONSE PARTICIPATION。

In a press conference, CFO Jason Chung stated that these credits reduced the cost of net electricity to 0.03 kilowatts and the cost of direct mining to $44,629 bitcoin, a 26 per cent decrease from the previous quarter。

after all, when electricity prices are so high, it's better to turn off the power & ldquo, sell & rdquo, and earn a difference in the price of the grid instead of running the machine for the money。

essentially, it is making idle computing a grid “ insurance &rdquo。

A REAL TIGER, ACTUALLY AI

The miners found a way to make money in the shutdown, but if the perspective is raised, they will find that the Bitcoin mine could only be a small match in this electricity battle。

IT'S THE AID DATA CENTRE THAT'S ACTUALLY RESPONSIBLE FOR TWO EMERGENCY ORDERS。

The volume auction price of PJM rose by more than 10 times from $28.92/MW-day in 2024/25 to $329.17/MW-day in 2026/27, touching the price ceiling。

Why is it so crazy

PJM ITSELF PREDICTS THAT REGIONAL ELECTRICITY DEMAND WILL INCREASE SHARPLY BY 2030 BY 32 GW, OF WHICH 30 GW WILL COME FROM DATA CENTRES。

In Northern Virginia, the largest data centre in the world, electricity demand has caused the electricity company Dominion Energy to lose focus。

IN FEBRUARY 2026, PJM WARNED OF A POSSIBLE SUPPLY GAP OF 60 GW OVER THE NEXT DECADE。

ELECTRICITY HAS BECOME THE RESOURCE OF THE AID DATA CENTRE, OUT OF DEMAND, AND PRICES HAVE RISEN NATURALLY。

in contrast, data from the united states energy information agency indicate that bitcoin mining accounts for less than 0.6 per cent of annual electricity consumption in the united states; 2.3 per cent。

IT'S REALLY THE PRICE OF THE POWER GRID THAT'S GOING ON。

Three, you can't fight and you can join. The ultimate deformation of the miner

THE METEOROLOGICAL DEPARTMENT PREDICTS THAT EXTREME TEMPERATURE RISKS REMAIN IN THE PJM AREA IN MID-JULY。

And when investors are still focused on wholesale power prices and mine reduction announcements, the real top players are starting to switch tracks。

Since AI is the largest &ldquao; the electric tiger &rdquao; and the largest single purchaser in the future, with its power indicators and site infrastructure, it is natural to know where to go。

Still using the example of Riot Platforms, they completed an identity conversion in Q1 in 2026, from a pure bitcoin mine to &ldquao; the large data centre operator &rdquao。

In Q1, AMD extended the contract for the Riot Rockdale plant from 25 MW to 50 MW。

For these head players, traditional bitcoin mining is becoming a base operation for cash flow。

THE NEW STORY OF FUTURE VALUATIONS IS THAT THE POWER QUOTAS AND SITES AVAILABLE IN THEIR HANDS ARE ENTRUSTED TO HIGH-PERFORMANCE AI ALGORITHMS THAT REQUIRE MUCH-NEEDED ENERGY。

High-temperature alarms are still ringing and the meter is still spinning。

In this race for energy, capital will always be one step ahead of ordinary people to find the most lucrative gap。