Author: Heart of Computing Power

At the end of June 2026, a "heat dome" pushed America's largest power grid, PJM, to the wall.

On July 1, this grid serving 67 million people recorded the second-highest electricity load in history, at 161,910 MW.

The next day, operating reserve capacity plummeted from 10,996 MW to 5,091 MW, a dangerously thin cushion.

Therefore, on June 30, Energy Secretary Chris Wright signed two emergency orders, effective at 11:59 PM that night.

The first order allows designated units to temporarily exceed environmental emission limits and generate power at full capacity.

The first order is a last resort, allowing the grid to compel large users (such as data centers and Bitcoin mining farms) consuming more than 50 megawatts to cut off their grid power supply within 15 minutes and use their own backup generators.

On July 2, wholesale electricity prices skyrocketed above $2,000/MWh, with the Western Hub's daily settlement price reaching $1,222.75/MWh, nearly tripling compared to the peak last year.

From July 1 to July 3, PJM continuously issued heat warnings and maximum power generation alerts, requiring power plants to postpone maintenance and operate all units.

Meanwhile, at a mining site covered by PJM, rows of ASIC mining machines were orderly shutting down.

You might think miners are losing money staring at black screens? The reality is quite the opposite; they may be earning higher profits than mining.

1. Power Off and Get Paid

In fact, in the power grid system, large Bitcoin miners have never been just pure "power consumers"; they are actually engaging in a "betting" business.

The grid has a set of "demand response" mechanisms.

In simple terms, the grid signs agreements with large customers, supplying them with low-cost electricity during normal times, but during extreme weather when the grid is about to collapse, they must obey instructions to shut down, in return for which they will receive generous compensation.

PJM's ELRP (Emergency Load Response) and CP (Capacity Performance) programs are typical examples of such mechanisms.

Mining companies such as Bitfarms and Mawson participate in local demand response programs at PJM's sites.

Moreover, in the neighboring ERCOT grid in Texas, leading mining company Riot Platforms has successfully executed this business model.

In Q1 2026, they secured a total of $21.0 million in power reduction credits, a year-on-year increase of 171%.

Of this $21.0 million, $13.5 million came from direct power reductions, while $7.5 million came from demand response participation.

CFO Jason Chung said in a financial report meeting that these credits lowered net power costs to $0.03/kWh, and the direct mining cost fell to $44,629 per Bitcoin, a 26% decline from the previous quarter.

After all, when electricity prices soar, rather than running machines at a loss to mine coins, it's better to shut down and "sell" back power to the grid for a profit margin.

Essentially, it turns idle computing power into an "insurance product" for the grid.

2. The Real Power Hog is Actually AI

While miners have found a way to profit by shutting down, looking at the bigger picture reveals that Bitcoin mining sites are just a minor player in this energy competition.

What truly prompted the Energy Department to issue two emergency orders are the AI data centers.

PJM's capacity auction prices skyrocketed from $28.92/MW-day for the 2024/25 year to over ten times that, reaching $329.17/MW-day for the 2026/27 year, hitting the price ceiling.

Why did it rise so crazily?

PJM itself predicts that regional electricity demand will surge by 32 GW by 2030, with 30 GW coming from data centers.

The world's largest data center hub, Northern Virginia, has already left Dominion Energy, the power company, in a tough spot with its power demands.

In February 2026, PJM warned that there could be a 60 GW power supply gap over the next decade.

Electricity has become a resource that AI data centers are scrambling for, leading to supply shortages and naturally increasing prices.

In contrast, data from the U.S. Energy Information Administration shows that Bitcoin mining accounts for only 0.6% to 2.3% of the annual electricity consumption in the U.S.

The real pressure on the grid actually comes from the exponentially soaring demand for AI computing power.

3. If You Can't Beat Them, Join Them: The Ultimate Transformation of Mining Titans

The meteorological agency predicts that the PJM region will still face extreme heat risks in mid-July.

Meanwhile, while investors are still closely monitoring wholesale electricity prices and mining company production cut announcements, the true top players are already changing tracks.

Since AI is the biggest "power hog" and also the largest buyer for the future, mining companies that hold electricity metrics and site infrastructure naturally know where to go.

Taking Riot Platforms as an example, they completed a transformation in Q1 2026, shifting from a pure Bitcoin mining company to a "large data center operator."

AMD expanded the contract at the Riot Rockdale facility from 25 megawatts to 50 megawatts in Q1.

For these leading players, traditional Bitcoin mining is turning into a basic business providing cash flow.

The future valuation story lies in hosting their available electricity quotas and spaces for high-performance AI computing power that desperately need energy.

The heat alerts are still sounding, and the meters are still turning.

In this race for survival concerning energy, capital will always find the most lucrative gap before ordinary people do.

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