Duke Energy, the second largest electric power provider in the United States, is reportedly considering bitcoin mining. According to reports, the company intends to incorporate bitcoin mining into its demand response approach.
Lead Rates & Regulatory Strategy Analyst Justin Orkney revealed this on an episode of Troy Cross’ “Bitcoin, Energy, and the Environment” podcast.
Orkney said the company is conducting an ongoing research into bitcoin mining. Before the company implements the mining function to its consumers, he stated that the initiatives are a part of determining how to get the miners to begin operating on the grid.
Duke Energy is an American holding corporation for electric power and natural gas with headquarters in Charlotte, North Carolina.
Suggested Reading | Warba Bank Becomes 1st Islamic Lender To Enter The Metaverse
Duke Energy To Try Bitcoin Mining
In the United States, Duke Energy possesses 58,200 megawatts of base-load and peak generation, which it transmits to 7.2 million homes. The electric utility firm employs around 29,000 personnel.
Orkney stated in the podcast that Duke Energy will combine other energy sources into the microgrid and trial it with varying levels of bitcoin miners prior to submitting a final draft on mining.
Duke has prepared a paper on demand response, originally focusing on the world’s top crypto, Bitcoin, and has already supplied a basic solution to numerous Bitcoin miners.
🇺🇸 The United States second-largest electric power company 'Duke Energy' is reportedly studying #Bitcoin mining
— Watcher.Guru (@WatcherGuru) July 3, 2022
According to recent data from the Cambridge Bitcoin Electricity Consumption Index, the United States is home to more than 35 percent of Bitcoin mining worldwide.
The data indicates that the U.S. has surpassed China and Kazakhstan to become the global leader in Bitcoin mining.
Texas Welcomes Crypto Miners
Various U.S. states are currently reviewing demand response as a means of enhancing electricity supply and eliminating power outages. For instance, Greg Abbott, the governor of Texas, welcomed to the Lone Star state crypto-miners from different parts of the globe.
Abbott pointed out that crypto miners can bolster the electricity grid through efficient demand response systems.
Texas consumes and generates the most electricity in the U.S., and has the cheapest electricity rates, and crypto-friendly legislation. According to the Environmental Impact Assessment (EIA), Texas generated about a third of the nation’s wind energy in 2020.
BTC total market cap at $373 billion on the daily chart | Source: TradingView.com
Governments Are Recognizing Cryptos’ Significance
Bitcoin mining has encountered opposition from certain sectors because of its exorbitant electricity consumption and environmental impact.
Demand response programs are viewed as part of the solution to alleviate strain on the current electrical grid as governments have started to recognize the significance of crypto as its popularity grows.
Many nations are also implementing environmentally friendly options to support the crypto industry and lessen its negative effects.
Suggested Reading | CFTC Slaps CEO With Record $1.7 Billion Bitcoin Fraud Charge
Featured image from Duke Energy, chart from TradingView.com