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According to the reports, the second-largest electric provider in the U.S, Duke Energy, is planning to do Bitcoin mining. The company plans to integrate Bitcoin Mining into its demand response approach as per the reports. This was shared by Justin Orkney, Lead Rates & Regulatory Strategy Analyst, on an episode of Troy Cross’ “Bitcoin, Energy, and the Environment” podcast.
Orkney revealed that the company is doing some research on Bitcoin Mining. He said that the initiative is also part of finding out how to get miners to start operating on the grid before the company implements the mining functions for its customers.
Headquartered in Charlotte, North Carolina, Duke Energy is an American holding firm for natural gas and electric power.
Duke Energy gas has 58,200 megawatts of base-load and peak generation which are distributed among 7.2 million homes. Around 29,000 personnel are employed by the electric utility firm.
In the podcast, Orkney also mentioned that Microgrid will be integrated with other energy sources by Duke Energy and before the final submission will be trailed on various levels.
Keeping the main focus on the top cryptocurrency, Bitcoin, Duke has created a paper on demand response and already has provided a basic solution to various Bitcoin Miners.
Texas Welcomes Crypto Miners With Opens Hands
Several US states are looking at reviewing demand response as a way to eliminate power outages and enhance electric supply. Take, for instance, the governor of Texas, Greg Abbot, who from different parts of the world welcomed the Lone Star State crypto miners.
Abbot highlighted that by the use of efficient demand response systems, the crypto miners can reinforce the electricity grid.
The majority of the electricity in the United States is consumed and generated by Texas. Texas also has the cheapest electricity rates. In addition, the state also has crypto-friendly legislation. In 2020, Texas generated roughly a third of the nation’s wind energy.
Bitcoin mining keeps coming across criticism from certain sectors due to its high electricity consumption and environmental impact.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
