Javier Hermosa: Bitcoin mining and batteries drove ERCOT revenue drop in 2023 and 2025

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07.10.2026

Javier Hermosa: Bitcoin mining and batteries drove ERCOT revenue drop in 2023 and 2025 — Bitcoin mining drives ERCOT revenue shift

Javier Hermosa highlights how batteries and bitcoin mining activities contributed to the stabilization of ERCOT market prices through emerging nodal market dynamics.

According to Hermosa, this stabilization led to a steep decline in revenue from ECRS and other demand response programs, which dropped from about $100,000 per megawatt annually in 2023 to $13,000 in 2025. Hermosa attributes this change to the self-regulating nature of the market structure.

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Hermosa previously described Bitcoin mining as essential for flexible energy solutions in Europe, particularly for integrating wind, solar, and AI. In his earlier analysis, he argued that Bitcoin mining can support grid reliability through flexible load response. This perspective aligns with his view on battery and mining activities stabilizing ERCOT market prices.

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