An economic evaluation framework for cryptocurrency mining operation in microgrids

Can Bitcoin Stop Climate Change? Proof of Work, Energy Consumption and Carbon Footprint (SoK)

“…The large-scale adoption of renewable mining could act as a powerful ally to energy grids in terms of resiliency [64]. Grid resiliency is the adaptability of the grid to rapid fluctuations, quickly bouncing back from any disruptions to supply, demand, or transmission capacity [55], [59], [81], and is of high geopolitical importance [118]. A more "bitcoinized" grid would mean that there is an interruptible lever ("CLR") to regulate energy demand, which would allow reacting to all three (even "black swan" events [58]), strengthening grid resiliency [25], which is lower at high levels of renewable penetration [61].…”

“…In other words, mining relies on non-time sensitive computation [42]. Together with quick reaction time [42], [81], this enables an immediate switching of outputs [28], [73]. Quick reaction time and near-zero reaction costs (no output lost) entail high interruptibility [11], [25], [42], [54], [58].…”

“…The combination of energy intensity, interruptibility, and scale achieved through the combination of ASICs with different break-even points results in a "load that can be rapidly adjusted up or down with extreme precision, at no extra costs" [42, p. iii] (see also [81]). This comes in contrast to hard binary alternatives consisting of either consuming at full capacity or shutting down consumption entirely.…”

“…Wind energy: Wind energy suffers from the duck curve problem. Through flexible load response, bitcoin mining can provide ancillary services in the form of a flexible load resource that may be shock-absorbing [11], [87], which may increase profitability by providing an alternative to selling energy at very low prices in times of o supply [11] (see also [81]). This form of mining is typically done on-grid but behind the meter (next to generation), leading to no increases in transport infrastructure.…”

An approach to targeting cryptocurrency mining loads for energy efficiency enhancement

“…For comparison, it is comparable to the electricity consumption of a country like Poland (149.5 TWh) [8]. Furthermore, it is also estimated that BTC mining generates 96 million metric tons of carbon emissions annually, which is analogous to the overall carbon footprint of Sweden [9].…”