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Bitcoin, Blockchain, and the Energy Sector Other PUDs in the region are adapting to increased interest in mining operations. In December 2018, Chelan County PUD approved a new rate for blockchain operations starting April 2019 and lifted a moratorium.69 While some are concerned that Bitcoin mining operations and related infrastructure could eventually lead to utility stranded assets, others see Bitcoin as a stepping block to a larger possibly more prosperous endeavor—researching alternative uses for blockchain technology. The Department of Commerce for Douglas County intends to build a “blockchain innovation campus,” which the county states could both assuage concerns over the volatility of the Bitcoin market and be an investment in the future diversification of the local economy.70 This approach, however, is not entirely without risk. For example, Giga Watt, a Bitcoin mining firm, declared bankrupcy in 2018, owing creditors nearly $7 million, $310,000 of which is owed to Douglas County Public Utility District.71 International Case Studies Due to the decentralized nature of cryptocurrency mining, miners are not typically bound by geographic location. These characteristics typically impact mining profits and contribute to selecting the ideal location for operations. While some countries may have favorable energy costs, they may have restrictive regulations (e.g., China). Below are a few international locations that have garnered the attention of cryptocurrency miners. Canada Canada generates affordable (albeit not the cheapest) hydroelectric power. Further, Canada has the added benefit of being in a cold weather climate, which can reduce overall cooling costs. In 2016, approximately 58% of total electricity generation in Canada was from hydropower resources.72 Canadian electricity providers generate 13 terawatt hours (TWh) more electricity than their domestic consumers need. Due to this excess in electricity some providers have offered incentives for miners. In January 2018, the public utility Hydro-Quebec offered electricity at a rate of $0.0394/kWh to cryptocurrency miners.73 Miners responded, and by February 2018, Hydro-Quebec has received around 100 inquiries.74 Based on these inquiries, 10 TWh of the surplus would have been obligated to mining. Hydro- Quebec did not expect the high degree of new demand (reportedly several thousand megawatts 69 Chelan County PUD, “Cryptocurrency and High Density Loads,” website accessed February 21, 2019, https://www.chelanpud.org/my-pud-services/rates-and-policies/high-density-loads. 70 Paul Roberts, “After the Bitcoin Bust and a Local Bankruptcy, Douglas County Double Down on Blockchain,” Seattle Times, updated January 14, 2019, https://www.seattletimes.com/business/after-the-bitcoin-bust-and-a-local- bankruptcy-douglas-county-doubles-down-on-blockchain/. 71 Yogita Khatri, “Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions,” Coindesk, November 21, 2018, https://www.coindesk.com/bitcoin-mining-firm-giga-watt-declares-bankruptcy-owing-millions. 72 Total electricity generation was 667,302 gigawatt hours (GWh) of which hydroelectricity accounted for 387,208 GWh. International Energy Agency, Statistics Data Browser, online database, available at https://www.iea.org/ statistics/?country=CANADA&year=2016&category=Electricity&indicator=ElecGenByFuel&mode=chart& dataTable=ELECTRICITYANDHEAT. 73 Michael Kern, “Cheap Energy Draws Bitcoin Miners to Canada,” OilPrice, January 16, 2018, https://oilprice.com/ Alternative-Energy/Hydroelectric/Cheap-Energy-Draws-Bitcoin-Miners-To-Canada.html. 74 Aaron Stanley, “Hydro-Quebec Strikes Measured Approach to Bitcoin Mining,” Forbes, March 28, 2018, https://www.forbes.com/sites/astanley/2018/03/28/hydro-quebec-strikes-measured-approach-to-bitcoin-mining/ #27d292e85fec. Congressional Research Service 14PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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