Texas Governor Greg Abbott ordered a moratorium Monday on new ERCOT-linked data center approvals pending a grid reliability audit. Bernstein analysts say the pause leaves existing Bitcoin miner power contracts untouched.
| Miner | Texas Capacity | Contract Status |
|---|---|---|
| Riot Platforms | 750 MW | Executed PPA |
| Marathon Digital | 200 MW | Executed PPA |
| Core Scientific | 180 MW | Executed PPA |
| Lancium | 200 MW | Under construction |
The moratorium targets future interconnection requests, not the 5.2 gigawatts of large flexible load already approved or under construction at ERCOT. Miners including Riot Platforms, Marathon Digital, and Core Scientific hold executed agreements that fall outside the review scope.
What the order actually covers
Abbott directed the Public Utility Commission to audit ERCOT's interconnection process and large-load integration standards. The review focuses on projects seeking new grid connections after June 10. Contracts signed before that date — including most major miner deals — remain valid.
Bernstein's Gautam Chhugani wrote that "approved contracts are legally binding and not subject to retrospective review." The firm estimates Texas hosts roughly 25% of U.S. bitcoin hashrate, concentrated in West Texas wind corridors where curtailment revenue offsets energy costs.
Miner economics unchanged
Riot's 750-megawatt Corsicana site and Marathon's 200-megawatt Garden City facility operate under long-term power purchase agreements negotiated before the moratorium. Both companies guided 2024 expansion targets last quarter without referencing regulatory risk to existing sites.
| Miner | Texas Capacity | Contract Status |
| Riot Platforms | 750 MW | Executed PPA |
| Marathon Digital | 200 MW | Executed PPA |
| Core Scientific | 180 MW | Executed PPA |
| Lancium | 200 MW | Under construction |
Core Scientific's 180-megawatt Denton campus secured its ERCOT interconnection agreement in 2022. The company's bankruptcy restructuring preserved all Texas power rights.
Historical precedent
ERCOT imposed a similar pause on crypto load in 2022 after Winter Storm Uri exposed grid vulnerabilities. That moratorium lasted 90 days and applied only to new study requests. Miners with signed interconnection agreements proceeded on schedule.
The current audit timeline is unspecified. PUC Chairman Thomas Gleeson said the review "will not disrupt existing operations" in a statement accompanying Abbott's order.
Supply pressure watchpoints
Texas miners sold 82% of June production, per Coin Metrics data — consistent with the 12-month average. No uptick in miner-to-exchange transfers appeared in on-chain data Monday. Hashrate held at 615 exahashes, within the 30-day range.
The next difficulty adjustment, estimated July 3, will reflect whether any Texas capacity went offline during the audit announcement week. Early pool data shows no material drop.
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---KEY_POINTS• Governor Abbott's ERCOT moratorium applies only to new interconnection requests filed after June 10, not existing miner power contracts.