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Even with low-cost electricity, the volatility of mining revenues may drive some mining companies to cease operations before electric utilities fully recover the costs of delivering service. With so much uncertainty in the longevity of this market, utilities may best consider these customers cautiously. Yet given the high load factor of these facilities, some utilities might consider them very attractive customers, if only for a limited time. One aspect largely missed in the discussion of blockchain efficiency is the potential for the technology to make other trans- active processes more efficient. Because blockchain eliminates the need for a central database manager or independent transaction validator, it could streamline transaction management in areas other than cryptocurrency. If used for transactional databases in other industries (e.g. the insurance, medical, real estate, and banking sectors), Blockchain technology has the potential to offer global (societal) efficiency gains (i.e. digitizing and streamlining the management of verified transactions) while increasing electricity use to validate the transactions. However, it is too early in the maturity of this technology and its deployment to predict the potential efficiency gains. This is an area of continuing research that EPRI is conducting under its Information and Communications Technology for Integration of Distributed Energy Resources program [8]. RESEARCH GAPS ◆ Can the actual energy consumption of cryptocurrency mining be more accurately estimated? What is the real-world efficiency of deployed mining machines? ◆ What is the risk to an electric utility of stranded assets or failure to recover costs? ◆ Can a mining operation follow time-of-use rates and only be active during periods of low electricity prices? ◆ Are there methods for making cryptocurrencies more efficient while maintaining security and validity? ◆ Can blockchain technology offer global (societal) efficiency gains (i.e. digitizing and streamlining the management of verified transactions)? ◆ What electric utility or other industry processes are best suited to blockchain technology? REFERENCES 1. Quick Insights – Blockchain: Early Activity for Utilities, Electric Power Research Institute, Palo Alto, CA. Product ID: 3002009889, February 2017. https://www.epri.com/#/pages/product/3002009889/ 2. Blockchain: Technology Risk and Rewards for Utilities, Electric Power Research Institute, Palo Alto, CA. Product ID: 3002010242, October 2017. https://www.epri.com/#/pages/product/3002010242/ 3. A. de Vries, “Bitcoin Energy Consumption Index.” [Online], (Accessed: 15 March 2018). https://digiconomist.net/ bitcoin-energy-consumption 4. M. Bevand, (2017, 10 March). “Electricity consumption of Bitcoin: a market-based and technical analysis,” [Online] http://blog.zorinaq.com/bitcoin-electricity-consumption/ 5. M. Bevand, (2017, 1 February). “Serious faults in Digiconomist’s Bitcoin Energy Consumption Index,” [Online] http:// blog.zorinaq.com/serious-faults-in-beci/ 6. U.S. Energy Information Agency. http://www.eia.gov 7. Digitalization & Energy, International Energy Agency, Paris, France, 2017. 8. Information and Communications Technology and Security Architecture for Distributed Energy Resources Integration, Electric Power Research Institute, Palo Alto, CA. Product ID: 3002009694, January 2017. https://www.epri.com/#/ pages/product/000000003002009694/ 9884058 5PDF Image | Bitcoin Mining, Blockchain, and Electricity Consumption
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