Mining reality in Texas and Quebec

Texas curtailment and Riot’s position

Texas solar generation exceeds coal generation in 2026. In March 2025, solar generation in ERCOT reached 4.33 BkWh, while coal stood at 4.16 BkWh. Riot sources 50% of its electricity from renewables. Riot received $30 million from ERCOT to reduce power use during a peak demand period in August. This demand response helps ERCOT mitigate rolling blackouts. I see the tension between Texas miners and the grid clearly. Miners can switch power on or off to divert energy to other participants. Critics argue that mining in Texas uses electricity that could go to other consumers. Some claim mining contributes to the flaring and venting of natural gas. Texas is the largest producer of oil and gas in the US and has the highest rates of flaring and venting in the country. Some miners in Texas partner with oil and gas companies to use surplus gas to power operations. Environmentalists argue this creates a perverse incentive for more oil and gas production and does not address the root causes of flaring. You know the Texas grid operates independently, so miners can pick providers based on price. Riot operates 80,000 bitcoin miners in Rockdale, Texas, with a combined power capacity of 300 megawatts. Riot has a total hash rate capacity of 2.4 exahashes per second. The acquisition of Whinstone US, Inc. is valued at $651 million and gives Riot access to a 100-acre site with 750 MW of power capacity. CleanSpark signed a 20-year lease for 175 MW of critical IT load in Sandersville, Georgia. This deal with a global technology company brings $6.6 billion in contracted revenue. The contract includes two five-year extension options that could bring the total value to $11.6 billion.

Quebec’s frozen energy grid

Bitfarms operates facilities in Quebec using hydro power. The idea that any miner can access cheap Quebec electricity is a lie. New miners cannot get Rate L, which costs 3.821 c/kWh. They must use Rate CB, which charges 18.767 c/kWh for unauthorized consumption. Hydro-Quebec suspended new allocations from the dedicated blockchain block in January 2023. This makes expansion in Quebec difficult because authorized capacity remains frozen. Bill 69 requires Hydro-Quebec to obtain authorization from the Minister of Economy, Innovation and Energy before serving 5 MW or more to a requester without a financial-commitment agreement predating December 2, 2022. Bitfarms is a vertically integrated company that operates mining facilities in Canada, the US, Paraguay, and Argentina. Bitfarms continues to expand in the PJM market with a 120 MW site in Sharon, Pennsylvania. This site gives access to competitive prices and demand response programs. The PJM region replaces coal plants rapidly, which helps reduce greenhouse gas emissions. Bitfarms is also expanding in Paraguay, where it energized a 70 MW substation at Paso Pe. In Paraguay, six of eight hydro containers are operational. Can Bitfarms overcome the ministerial approval requirements for large loads in Quebec?

The expansion and efficiency race

Efficiency levels vary significantly between these players. CleanSpark reports a peak efficiency of 16.07 J/Th for its deployed fleet. Bitfarms reports 25 w/TH efficiency. CleanSpark also manages 1.8 GW of power under contract. Bitfarms has 12 operating mining facilities across four countries. Bitfarms expects its 2025 power capacity to reach 648 MW.

CleanSpark produced 586 BTC in July 2026. Bitfarms earned 189 BTC in June 2024. CleanSpark also has 13,924 BTC in its treasury as of June 30, 2026. I find it hard to ignore the scale of CleanSpark’s 1.8 GW of contracted power compared to Bitfarms’ 310 MW. CleanSpark’s deployed fleet totals 230,507 miners. Bitfarms has installed 39,000 new miners this year. Bitfarms’ most efficient site is Saint-Hyacinthe at 17.5 w/TH. Bitfarms also operates in Argentina, but shipping delays for miners into Paraguay caused temporary underperformance. CleanSpark produced 4,310 BTC in calendar year 2026.