August 18, 2022

Taylor Daily Press

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Duke Energy, America's second largest electricity supplier, wants to mine Bitcoin

Duke Energy, America’s second largest electricity supplier, wants to mine Bitcoin

Duke Energy, America’s second largest electricity supplier, is considering Bitcoin mining. According to the report, the company plans to incorporate these new functions into its ‘demand delivery approach’ – or: Request response approach

Bitcoin mining

Staff member Justin Orkney explains more about this move in the “Bitcoin, Energy and Environment” episode of Troy Cross’ podcast.

Orkney itself Lead Rates and Regulatory Strategy Analyst In an American company. According to him, they are constantly researching Bitcoin mining.

Duke Energy is an American electric power and natural gas holding company. They are headquartered in Charlotte, North Carolina.

In the US they are good for 58,200 MW of electricity base load and peak generation. They are said to power 7.2 million homes. The energy company has about 29,000 employees.

Before the company actually gets started with the bitcoin mining rigs, they first see how they can properly connect everything to the electrical network. Bitcoin miners can be a perfect tool to balance the electricity grid; Mainly in areas ‘fed’ mainly by solar and wind energy.

Trend in energy market

They are not the only energy company moving in the direction of mining. Rival Exxon has been working on a pilot since early 2021. They are now considering expanding to Alaska, Nigeria, Argentina, Guyana and Germany.

Oil and gas companies are also seeing opportunities in Bitcoin mining. The relationship between mining and energy seems to be a perfect one. According to the mainstream media narrative, Bitcoin mining is even worse for the environment. Practice shows that Bitcoin mining is a godsend for these companies.

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For example, the energy mix of Bitcoin mining chips (!) is greener than many countries.

This trend is most prevalent in Texas. The state consumes and produces the most electricity in the US, and has the cheapest tariffs and the most crypto-friendly legislation. As stated therein Environmental Impact Assessment (EIA) Texas will generate one-third of the nation’s wind energy in 2020.

More and more mining companies are moving into this area. Tesla is working on a mining farm with Block and Blockstream.

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