The analyst claims that Duke Energy Corporation is studying Bitcoin mining
According to a leading analyst at Duke Energy Corporation, the second largest U.S. energy corporation is currently studying bitcoin mining. Justin Orkney said that work is currently underway on a study of bitcoin consumption (DR), and consultations with bitcoin miners who are enrolled in Duke DR programs.
The latest podcast "Bitcoin, Energy and the Environment" with Troy Cross titled "Duke Energy Studies Bitcoin" talks about the regulatory strategy of the energy corporation. In this episode, podcast participants discuss the "bitcoin utility" and "really interesting opportunities" that relate to energy demand response programs.
Basically, DR gives energy consumers the opportunity to manage the network more efficiently by reducing or moving loads. For example, with bitcoin mining, having the ability to "strategically find miners in the system - there is an opportunity to cooperate with these types of customers," said Justin Orkney. The analyst notes that bitcoin mining can be a powerful technology when it comes to DR components. During the interview, Justin Orkney stressed that some Duke Energy (NYSE: DUK) customers were bitcoin miners. "We have existing customers in our system," the analyst explained to the host of the show.
In the US, disaster recovery programs may allow network customers, some of whom may be bitcoin miners, to help utilities manage peak demand. Insufficient bandwidth can be managed more efficiently to make the old infrastructure more reliable. Justin Orkney said bitcoin mining could be a technologically advanced DR method.
"Bitcoin mining seems to be that really powerful demand response technology where they can win at 100% power factor or use the same amount of electricity all day, and then within a few minutes they can reduce their usage to a certain level of accuracy and hold it for as long as they want, and then bring it back," he said
Over the past year, bitcoin mining has received a lot of negative attention regarding energy use in the industry, as the network reportedly consumes 91 terawatt-hours of electricity per year. However, a number of bitcoiners believe that concerns about BTC energy consumption when it comes to mining are exaggerated. In addition, a recently published study shows that the Bitcoin network consumes 50 times less energy than a traditional banking system.
In addition, environment, Social Affairs and Governance (ESG) analyst Daniel Batten published a report indicating that bitcoin mining could potentially eliminate a significant amount of methane leakage, and stressed that no technology could do it better. Batten's research shows that bitcoin can strategically eliminate 0.15% of global CO2-eq emissions by 2045.
Based in Charlotte, North Carolina, Duke distributes power to approximately 7.5 million retail electricity customers and operates in six states. The American electric and gas holding company manages 58,200 megawatts of electricity, and Justin Orkney explains that Duke is the second largest U.S. energy corporation, if not the largest in specific sectors.
In addition to Duke Energy Corporation, reports have shown that energy and gas giants such as Exxon Mobil (NYSE: XOM), Equinor, La Geo and Conocophillips have also explored bitcoin mining solutions in the energy industry.
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