Bitcoin mining & demand response
Large or small scale, could be 10MW industrial unit next door to a Wind farm/ Hydro power station or smaller scale at the customers end heating a house, swimming pool or green house.
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For how power grids actually work, check lancium.com & out Shaun Connell on Twitter on demand response.
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Starting a new micro grid in Africa can be a problem. No one has electricity so there's no grid, there no grid because there's no power, there's no power because no one has electricity. Solar & Wind farm owners - No demand ? No problem, Bitcoin miners such as Gridless will pay you for your electricity until there's enough regular demand.
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Bitcoin incentivises Green energy !
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Heat is a by product of Bitcoin mining. The heat from 1 modern ASIC is typically 2.5 - 6kW giving a very useful outlet for excess wind, solar and hydro power. When there are excess renewables the whole sale price may go negative, so increasingly Homes & Businesses are being paid to consume power ! (demand response) Imagine getting paid 3 x
In the UK Octopus Energy Agile tariff can go to -3p /kWh. The mining equipment does not need to run 24/7 and can be quite happily turned off when little renewable energy is available. During Octopus saving-sessions I switch off my Bitcoin mine heating, a real world example of load switching/ balancing that is hugely advantageous to renewables. Electricity is converted to heat without losses, if its £50 heater or £3500 ASIC the result is the same. Currently Bitcoin mining is capable and in many cases is - heating up to 4 Million homes, businesses, swimming pools etc. |
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Second use of heat
Imagine one of these Bitcoin mining units connected to your local swimming pool, subsidising financially, & heating the water, but also load balancing the grid.
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