At least five listed mining companies have signed or extended demand-response agreements this quarter, committing to curtail consumption within minutes of a grid operator's request.
Curtailment revenue has become a meaningful line item. For one operator, payments for standing by exceeded gross mining margin during two summer weeks last year.
Grid planners see the fleets as a flexible load that can be shed faster than industrial alternatives, though consumer advocates continue to question whether the arrangements shift costs onto households.
Hashrate has kept climbing regardless, which compresses per-machine revenue and raises the value of the cheapest power contracts.
Analysts expect further consolidation among operators without hedged power, particularly those still running previous-generation machines.
