US Second Largest Electricity Provider Indicates Interest In Bitcoin Mining

US Second Largest Electricity Provider Indicates Interest In Bitcoin Mining

July 10, 2022

Duke Energy Corporation, American energy, and natural gas firm is aiming to broaden its scope by tapping into the Bitcoin mining industry, as revealed by insider reports. The company is the second-largest electric provider in the United States, and an interest in Bitcoin mining could spell new heights for the industry.

Bitcoin Mining, to an extent, can help with the grid problem

On a podcast, (“Bitcoin, Energy, and the Environment”) hosted on the audio streaming service, Apple Podcast, Lead Rates & Regulatory Strategy Analyst at Duke Energy, Justin Orkney mentioned the energy provider’s research of Bitcoin mining with an aim of utilizing the activity.

Orkney, who is also an ardent bitcoin proponent, is one of the influences behind this move by the company. He noted how the firm aims to integrate bitcoin mining into the demand response strategy.

In the podcast episode, host Troy Cross and Justin Orkney discussed some of the problems the grid encounters with the introduction of renewables and how the problems are likely to be exacerbated by the growing adoption of renewables.

Orkney mentioned how bitcoin mining, to an extent, addresses these concerns regarding the electricity grid, noting that as part of the reason for Duke Energy’s interest in the Bitcoin Mining industry.

The Bitcoin Mining industry is flourishing in the U.S.

Duke Energy (formerly “Duke Holding Corp”) headquartered in Charlotte, North Carolina, is one of the biggest energy providers in the United States, with utilities that accommodate 8.2 million customers in, Florida, North Carolina, and South Carolina, Ohio, Indiana and Kentucky.

The firm’s natural gas unit provides services to Tennessee, North Carolina, South Carolina, Kentucky, and Ohio, supplying natural gas products to 1.6 million customers within the mentioned regions.

The Bitcoin mining industry is flourishing in the U.S. as government agencies have come to realize the importance of Crypto and Bitcoin mining to the electricity grid. Per data from Cambridge Bitcoin Electricity Consumption Index, the U.S. accounts for the most Bitcoin mining activities for a single country, making up over 37% of global mining start of the year.

The state of Texas has been a haven for Bitcoin Miners as the state’s governor, Greg Abbott, insists on the importance of bitcoin mining to the electricity grid. Texas consumes the most electricity in the U.S., so this is a big deal for the industry.

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