TD₿: Bitcoin Mining & The Grid (Part 1): Generators by Blake King
TL;DR Bitcoin mining can help upgrade the electrical grid in a variety of ways including adjusting load in response to price signals.
Hey Bitcoiners,
Over the weekend, news came out that Duke Energy, the second-largest electric power provider in the United States, is studying how Bitcoin mining can be used in its demand response strategy.
The news broke when Lead Rates & Regulatory Strategy Analyst at Duke Energy, Justin Orkney, revealed on a recent podcast that the company is conducting “ongoing research” into Bitcoin mining.
This is a great development to see because Duke Energy possesses over 50,000 MW of power, which it transmits to 7.2 million homes. For them to be spending resources studying how Bitcoin mining can be incorporated into their operations is a good sign for the future of mining as well as the electric grid.
Bitcoin miners offer many potential benefits to these power providers and a lot of them are just getting up to speed on how this new technology can help them achieve their goals. Mainly, Bitcoin miners offer these power providers a fast, transparent, and flexible demand response to pricing fluctuations in the energy markets.
The energy market is highly complex and can be difficult for someone not familiar with the industry to wrap their heads around. Luckily, we have Bitcoiners that also happen to have extensive experience in the energy markets to help explain to us how exactly these two industries can assist each other in the future.
Blake King is a perfect example of this and he wrote this thorough blog post that helps explain to how the Bitcoin mining industry and power providers could work together to improve our electrical grid (04/07/2022).
We are still in the early days of these large power providers learning about how Bitcoin mining can benefit them, but as these companies go further down the rabbit hole, I believe they will recognize this technology as another tool to help make their systems more robust, profitable, and resilient.
Tick tock next block,
Cory Klippsten
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