Duke Energy, the second largest energy company in the United States, announced that it is working on integrating Bitcoin (BTC) mining into its demand-response strategy. In addition, the company requested to discuss the decarbonization of the grid with Tesla CEO Elon Musk.
The company's analyst, Justin Orkney, confirmed the ongoing research into its mining in his statements on June 26 and said that work is ongoing on how to include miners in the network. Before publishing the final report, Orkney stated that the company will leverage its microgrid powered by different energy sources to conduct test runs involving miners at various levels.
"We're exploring general customer staging concepts. I'm working on incorporating Bitcoin mining capacity into our system for demand response functionality. We hope to do a technology test."
A demand response function requires consumers' electricity use changes in response to peak usage seasons, with reduced demand on the grid while maintaining electricity reliability. Some states, especially in the US, are using the idea of responsiveness to demand as part of improving power supply and minimizing disruptions. For example, Texas Governor Greg Abbott has welcomed cryptocurrency miners, stating that they can power the power grid through demand response programs. Also, Bitcoin mining has been criticized for its excessive use of energy, which is thought to lead to environmental degradation. Critics of the industry argued that the industry should be abolished.
Justin Orkney, lead rates and regulatory strategy analyst at Duke Energy, shared his views on the electrification and decarbonization of the power grid through Bitcoin mining on June 4. In addition, the Duke Energy team made a tweet that aims to continue their work with Tesla CEO Elon Musk. The following statements were included in the post:
“We are happy to share notes on how Bitcoin mining can facilitate electrification and decarbonisation of the grid. Elon Musk, Let Tesla rooftop solar adopt faster adoption.”