The US’ 2nd-Largest Electric Power Company Explores Bitcoin Mining

by Eva Fox July 05, 2022

The US’ 2nd-Largest Electric Power Company Explores Bitcoin Mining

United States’ second-largest power company, Duke Energy, is reportedly studying Bitcoin mining with plans to integrate the activity into its demand response strategy. This will only be possible after a technological test, the company regulatory strategy analyst said.

While appearing on the Bitcoin, Energy, and the Environment podcast by Troy Cross on June 26, the company's Lead Rates and Regulatory Strategy Analyst Justin Orkney confirmed the ongoing research into Bitcoin mining, noting that the results will explore how to onboard miners on the grid before rolling out to the masses, reports Finbold. Before publishing the final report, Orkney stated that the company would leverage its micro-grid, supplied with different energy sources, to conduct test runs involving several levels of miners.

“We are exploring general customer phasing concepts […] I’m working on a Bitcoin demand response study about including Bitcoin mining capacity in our system with an eye towards the demand response functionality […] We are hoping to do a technology test.”

According to Orkney, the company has already developed a demand response report for the winter peak, and the focus is now on Bitcoin. Notably, a demand response functionality entails consumers’ electricity usage changes in response to high-use seasons as part of decreasing demand on the grid while maintaining electricity reliability.

He added that the company’s grid serves other demand response initiatives for different industries, and Bitcoin mining is an ideal candidate. At the same time, the official stated the Duke Energy grid already hosts several Bitcoin miners on a small-scale basis.

Notably, several US states are using the idea of ​​demand response as part of improving power supplies and minimizing disruptions. For example, Texas Gov. Greg Abbott welcomed crypto miners to the state, noting that they can bolster the power grid through demand response programs. Demand response is seen as part of a solution to avoid stressing the existing energy infrastructure.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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Article edited by @SmokeyShorts, you can follow him on Twitter








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