Crypto mining has a rep for hogging electricity, but can it aid the transition to renewable energy? egreechee and iamsandali report MiningWeek, presented by FoundryServices
. Clogging up those locations with cryptocurrency mining will slow down this process.”
“If Amazon or Google plop down and build a data center, and buy power from a power producer, first of all, they want that power 24/7,” he said. “They never want to shut off because Instagram photos, web applications, and the CIA's data is there on their servers, and they need that data to be up 24/7. They can't have glitches; they can't have downtime.”
Bitcoin miners are willing to curtail their activity for about 100 hours/year, which is when the value of curtailing exceeds the value of mining, i.e. when it’s more profitable to give power to the grid than use it for mining, Dixon said. These can be days when there is really high demand; for example, due to a heatwave.
“If you don't use the energy that is produced, then you need to store it somewhere,” Baksa told CoinDesk. But “when you create batteries, after the period of expiration of the battery you create a lot of waste. So, not sure that anyone is going in that direction,” HIVE’s Baksa said.For energy producers, batteries capture the difference in value between the low and high price.
More energy firms are entering mining, while miners are accumulating their own energy supply. Voltus has created models to determine exactly how much flexibility is worth to crypto miners: in Texas, $37.53 per megawatt hour, whereas in New England, it’s $6.69. per MWh.Energy companies that stay out of bitcoin mining will leave money on the table, “because mining most of the time is much more profitable than selling the energy to the grid,” Mellerud said.
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