Midwestern Utilities Mines Bitcoin to Maintain Electricity Supply Balance

October 26, 2021
The most significant utility in the state of Missouri, Ameren, which serves 1.2 million users, began messing with bitcoin mining in April, according to E&E News. According to the company, as an alternative to dialing up and down its power plants to meet demand, the business connects in the bitcoin mining machines when energy is cheap and at low prices.

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According to the study, Warren Wood, the utility’s vice president of legal and statutory relations, said, “We have fairly significant fluctuations in load minute by minute, seconds by second at occasions.” To be a successful tool for grid balance, we needed something speedy and could go up and down quickly. In an interview with E&E, Silvey, a former Republican state legislator, said that he is personally attracted to bitcoin and had shown an interest in putting together a technical course on bitcoin mining even before learning about the Ameren project.

For Silvey, it’s “exciting” when a business approaches the agency with a program that poses little or no danger to consumers while still providing them with a positive outcome. Wood emphasised how quickly miners might be able to connect to the grid at Ameren. Specifically, he noted that bitcoin miners “can contribute a great deal of value, especially in terms of how quickly they can go up and down faster than certain conventional generators can move, which is valuable.”

You have a very effective method for attempting to achieve a better balance of the grid between your generating resources and the electricity demand.” When the Mechanicville plant, a historic hydroelectric power station in upstate New York and one of the country’s oldest power plants, revealed how they might improve efficiency and profitability by using bitcoin mining in July, the world took notice. Take a moment to consider what life would be like if there were no access to power or communication networks.

What would you put first on your list? When faced with a world without power or communication networks, what would you want to make sure you have on hand to ensure your survival indefinitely? What would you choose to do if the world were abruptly thrown hundreds of years into the past? Although the likelihood of such an event occurring is close to nil, if such a world were to come to reality, it would mark an indescribably colossal step backward for the whole globe’s way of life in the worst possible direction, according to experts.

The Resistance of The Bitcoin Network

Bitcoin continues to expand and attract more of the world’s wealth to its network, putting a strain on the hegemony of the government’s fiat currency, which Cantillonism drives. It is on a collision course with global monetisation, bringing the world back to a complex money standard unlike anything it has ever seen before in history.

For example, one of the common critiques of Bitcoin is the notion that it has a fundamental weakness since it is reliant on the internet and energy to be functional. To be clear, it is true that if you lost connection to the network because of a power outage or other network-related failure, you would be unable to utilise Bitcoin (assuming there are no physical manifestations of UTXOs).

Because Bitcoin is reliant on energy, it incentivises individuals to ensure access to reliable electricity. It’s no different from any other equipment or technology that power by electricity in this regard. What grocery shop management, for example, would be willing to take the chance of losing tens of thousands of dollars’ worth of goods because of a power outage? To protect himself against such a loss, he would want to buy insurance coverage for his business. If he hadn’t previously done so, the insurance company selling him would tell him that he might reduce his insurance premiums by putting emergency backup generators in his property. These measures would help reduce the likelihood of spoiling, and the advantages of doing so would be shared by both the grocery shop and the insurance provider (not to mention the manufacturer of the generators).

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