Can Texas mitigate wind and solar curtailments by leveraging bitcoin mining?

Niaz, Haider; Liu, Jay; You, Fengqi

doi:10.1016/j.jclepro.2022.132700

Cited by 35 publications

(20 citation statements)

References 30 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…However, an LT-DAC plant can process one-third of the capacity of an HT-DAC plant. 29 Table S3 (ESI †) summarizes the electrical and thermal demand for the LT-DAC plant along with the CAPEX and OPEX for respective states and net CO 2 emission per state. Results for LT-DAC are similar to HT-DAC besides the fact that due to a decrease in the electrical and thermal consumption, an overall 35.5% decrease and 8.1% increase were seen in the CAPEX and OPEX of the LT-DAC, respectively.…”

Section: Gop Mining With Lt-dac and Co 2 Capture And Storagementioning

confidence: 99%

“…The solution with captured CO 2 goes through a regeneration cycle in which depleted CO 2 air leaves the column, and the solvent then undergoes HT processing to recover the solvent and extract CO 2 . 29 Similarly, LT-DAC uses low temperature and a solid sorbent to absorb CO 2 , which releases the captured CO 2 from the air upon mild heating. Both technologies have their advantages and shortcomings: HT-DAC can handle larger quantities, whereas LT-DAC can handle one-third of the capacity of HT-DAC.…”

Section: Preliminariesmentioning

confidence: 99%

“…However, HT-DAC systems can handle large capacities of CO 2 capture. 29 Solid sorbents were used for LT-DAC systems to adsorb CO 2 on the sorbents and then desorbed when subjected to low temperature, depending upon the sorbent material. The parameters for the HT and DAC used in the study are shown in Table 1.…”

Section: Case Study and System Descriptionmentioning

confidence: 99%

See 2 more Smart Citations

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

Niaz

Shams

Liu

et al. 2022

Energy Environ. Sci.

Self Cite

View full text Add to dashboard Cite

show abstract

Section: Gop Mining With Lt-dac and Co 2 Capture And Storagementioning

confidence: 99%

Section: Preliminariesmentioning

confidence: 99%

See 1 more Smart Citation

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

Niaz

Shams

Liu

et al. 2022

Energy Environ. Sci.

Self Cite

View full text Add to dashboard Cite

show abstract

“…Those have been examined in different references. The advantages of using cryptocurrency mining loads include hedging renewable energy investments [30], reducing renewable curtailment [31], and demand flexibility [32]. The disadvantages include high energy consumption [33], electronic waste (e-waste) [34], environmental pollution [18], and premature aging of distribution assets and excessive losses of the distribution network [26].…”

Section: Energy Efficiency Approach For Cmdsmentioning

confidence: 99%

An approach to targeting cryptocurrency mining loads for energy efficiency enhancement

Hajiaghapour-Moghimi

Hosseini

Hajipour

et al. 2022

IET Generation Trans & Dist

View full text Add to dashboard Cite

In recent years, the mining of cryptocurrencies such as Bitcoin has attracted much global attention due to the simplicity and high profitability of this business, especially in countries with low electricity rates. The process of cryptocurrency mining using cryptocurrency mining devices requires a significant amount of computing power. This industry, which is increasingly growing in energy and carbon emissions, can cause environmental concerns. Common ways to reduce this amount of energy consumption are to prohibit mining and charge these loads at a higher electricity rate; however, these solution methods are not feasible and applicable in many countries. This paper presents an energy efficiency program to persuade the customers to mine cryptocurrency using high-efficient cryptocurrency mining devices (CMDs), including informative, regulation, and financial policy instruments. This energy efficiency approach suggests a standard, if implemented, would ban the application of inefficient CMDs, and would encourage the cryptocurrency miners to improve the profitability of their business with high-efficient CMDs through a penaltyreward strategy. The performance of this energy efficiency program is studied through an analysis of data gathered from different CMDs used in Iran. The effectiveness of this suggested program is proved through its sufficient incentives for miners using high-efficient CMDs.

show abstract

“…The rationale for co-located Bitcoin mining is that miners can buy electricity directly ('behind the meter') from renewable energy producers when generating capacity exceeds grid demand. That is, bitcoin mining uses power that cannot be sold and would otherwise be curtailed -wasted -during periods of relatively low market demand [39]. Improving the pro tability of renewable energy installations should allow for more extensive renewable build-out or the addition of new electricity storage infrastructure, thus helping to speed the renewable energy transition.…”

Section: Electricity Grid Transitionmentioning

confidence: 99%

100 important questions about Bitcoin’s energy use and ESG impacts

Rudd¹

2022

Preprint

View full text Add to dashboard Cite

Bitcoin currently consumes about 0.4% of global electricity and some critics have argued that widespread Bitcoin production and adoption will exacerbate global warming. Bitcoin advocates, on the other hand, have been dismayed by critics’ apparent lack of willingness to scrutinize Bitcoin’s potential role in helping improve the economics of renewable energy investments, reduce net emissions from methane venting and flaring, increase electricity grid efficiency, and provide higher-order environmental, social, and governance (ESG) benefits. Given the disparate views, there is a pressing need to identify key knowledge needs regarding Bitcoin’s net energy use, carbon emissions, and direct and indirect ESG impacts. I used a variation on the ‘key questions’ horizon scanning approach to identify 100 questions that, if answered, could help provide credible evidence to support policy-makers’, investors’, and research funders’ decision-making on issues relating to the impact of Bitcoin production and adoption. The questions are distributed across 13 themes (Bitcoin energy use – the big picture; mitigating methane emissions; electricity grid transition; Bitcoin mining – site choices and costs; Bitcoin security; retail, institutional, and national Bitcoin adoption; governance; values and beliefs; inflation and discount rate; adaptive capacity; narratives; knowledge creation and communication; and social impacts). The breadth of knowledge required to answer key questions highlights the need to develop a prioritized research agenda, build research capacity, and encourage collaborative cross-sectoral and -disciplinary research. Defensible evidence for investors, regulators, and policy-makers needs to consider Bitcoin’s complex net impacts on energy use and ESG benefits.

show abstract

Can Texas mitigate wind and solar curtailments by leveraging bitcoin mining?

Cited by 35 publications

References 30 publications

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

An approach to targeting cryptocurrency mining loads for energy efficiency enhancement

100 important questions about Bitcoin’s energy use and ESG impacts

Contact Info

Product

Resources

About