Crypto Mining Brings Stability to Grids, Prevents Renewable Energy Waste

2023-1-30 08:22

The prediction of future advancements in energy has been a tricky business for experts. Recent predictions for the year 2050 have shown that some experts were off-base in their predictions. One of the most notable examples is the lack of attention given to crypto mining in demand response.

Demand response refers to the ability of customers to adjust their electricity consumption in response to changes in the price of electricity or to incentives offered by utilities or other third parties. The goal of demand response programs is to reduce the need for electricity during periods of peak demand, which can help to reduce the strain on the power grid and lower overall electricity costs.

The Need to Reduce Energy Costs

A quiet revolution is currently happening in the field of demand response. Initial data shows that demand response has been a runaway success with take up in the seven figures, far surpassing the forecasted tens of thousands. This is a significant shift from a decade ago, when demand response was not as popular in the domestic format in the US.

In the UK, demand response has recently made a dramatic breakthrough into the public consciousness. The concept has even made its way into the lexicon of new words. Last month, Reuters reported that Flexers are the one million electricity consumers who signed up for the newly launched Demand Flexibility Service. This requires them to use less than their normal power consumption in pre-notified time slots.

Energy companies have not fully understood the psychology of ordinary consumers, as they are willing to sacrifice the on-demand nature of switching on appliances in order to save money on high bills. Peter King, Global Energy and Utilities Lead at Capgemini Invent, attributes the success of demand response to the overhaul of inflexible software platforms that previously hindered energy companies from getting involved in demand response offerings. Additionally, the increase in smart meters has also played a role in the success of demand response.

Crypto Mining to the Rescue

Another innovation that has been seen in the energy industry is the use of crypto mining, the process of using computer power to verify and record transactions on a blockchain, in demand response.

In 2021 Marathon Digital Holdings, a NASDAQ-listed Texan Bitcoin mining company, came up with an interesting idea. The firm located a wind farm in Texas with a generation capacity of 280 MW, but the transmission system couldn’t bring all of the output onto the system.

By being an interruptible and steady baseload, the crypto mine could pull energy from the wind farm and prevent the need for curtailment when the wind was at full tilt. This not only stabilizes the output of the wind farm, but also helps avoid congestion and problems balancing the grid during different external loads.

This innovation shows how the energy crisis has brought about a more practical and creative approach to energy. This is especially true in Texas, where the market is unregulated and entrepreneurs have an incentive to find new solutions.

The Chairman and CEO, Fred Thiel, recognizes the irony in Bitcoin, a technology that has a large carbon footprint, being used to save carbon and avoid renewable energy curtailment. However, Thiel remains optimistic about the venture and points to the entrepreneurial spirit found within Texas.

Source: Google Finance

MARA experienced a decline in its share prices on Friday, January 27. The shares dropped by 7.4% to close at $8.10 after trading as low as $8.09 during mid-day trading. The shares have been evaluated by several research firms recently. Jefferies Financial Group has lowered its rating from “buy” to “hold” and lowered its price target from $12.50 to $4.00.

Unexplored Territory

Crypto mining can have several benefits for electricity grids. One benefit is that crypto mining can be used as a demand response tool, allowing energy companies to pull energy from renewable sources when the grid is at full capacity. This helps to stabilize the output of renewable energy sources and avoid congestion on the grid.

Another benefit is that crypto mining is that it can help to reduce costs for energy companies. By using surplus energy to mine cryptocurrencies, energy companies can turn otherwise wasted energy into a source of revenue.

Additionally, crypto mining also has the potential to be a more sustainable energy source than traditional fossil fuels. This is because it does not produce emissions and can be powered by renewable energy sources, which help to reduce the carbon footprint of energy production.

Despite the benefits, crypto mining is known to have high energy consumption. Still, the industry is working on becoming more sustainable through using renewable energy sources and developing more energy-efficient hardware.

The post Crypto Mining Brings Stability to Grids, Prevents Renewable Energy Waste appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Restart Energy MWAT (MWAT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0054454 (-100%)

energy crypto mining waste renewable prevents brings

energy crypto → Результатов: 126


Фото:

While Bitcoin Energy Concerns Grow, Nobody Discusses the Carbon and Military Violence Backing US Dollars

This week a great number of bitcoin supporters and skeptics have been arguing over whether or not bitcoin mining is harmful to the global environment. However, crypto supporters have been saying that concerns over the Bitcoin network’s energy supply are absurd, in contrast to the carbon used and the military violence that backs a number […]

2021-5-16 08:00


Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing $20M Due to Price Drop

Jack Dorsey’s Square will focus on “other opportunities” to learn with bitcoin and will be part of the crypto needing “innovation in terms of renewables and clean energy.” The post Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing M Due to Price Drop first appeared on BitcoinExchangeGuide.

2021-5-15 20:39


Фото:

Crypto Climate Accord Making Significant Progress in Its Green Energy Push

The Crypto Climate Accord (CCA) has attracted more members to its growing consortium, which aims to decarbonize the cryptocurrency and blockchain ecosystem. The CCA now has 40 supporters across the globe, including bitcoin (BTC) linked businesses, and the World Economic Forum (WEF), barely two weeks after its launch, according to a blog post on AprilRead More

2021-4-23 17:00


Фото:

BTC Miner Stresses: ‘Bitcoin is One of the Most Environment-Friendly Financial Networks’

While bitcoin has been gathering widespread attention with prices touching all-time highs, mainstream pundits have tried to attack the leading crypto asset for its energy consumption. It seems a new ‘bitcoin is bad for the environment’ editorial is published nearly every week by mainstream journalists, tech authors, and climate activists. This week a representative from […]

2021-3-15 19:35


Фото:

Malaysian Police Shut Down Crypto Mining Operation for $600k Electricity Theft

Sept 1, 2020 — Two Malaysian cryptocurrency mining facilities have been raided by law enforcement for an alleged electricity theft totaling more than $600k. According to reports by local news outlet The Star, the raids were conducted as a joint operation between Malaysia’s Energy Commission, the Tenaga Nasional Berhad (TNB) power utility firm, and local […] The post Malaysian Police Shut Down Crypto Mining Operation for $600k Electricity Theft appeared first on BeInCrypto.

2020-9-2 12:50