Cryptocurrency mining as a novel virtual energy storage system in islanded and grid-connected microgrids

dc.contributorAalto Universityen
dc.contributor.authorHajiaghapour-Moghimi, Mehranen_US
dc.contributor.authorHajipour, Ehsanen_US
dc.contributor.authorAzimi Hosseini, Kamyaren_US
dc.contributor.authorVakilian, Mehdien_US
dc.contributor.authorLehtonen, Mattien_US
dc.contributor.departmentDepartment of Electrical Engineering and Automationen
dc.contributor.groupauthorPower Systems and High Voltage Engineeringen
dc.contributor.organizationPower Systems and High Voltage Engineeringen_US
dc.contributor.organizationSharif University of Technologyen_US
dc.contributor.organizationUniversity of Torontoen_US
dc.descriptionPublisher Copyright: © 2024 The Author(s)
dc.description.abstractRenewable electrical energy (such as: solar and wind energies) generation in microgrids (MGs), is gaining attention to reduce greenhouse gas emissions. Microgrid operators (MOs) aim to create self-sufficient, environmentally sustainable grids, increasing the capacity of renewable energy sources (RESs) by up to 100%. Despite of the benefits of this trend, challenges arise from non-controlled characteristics of these power generations and their seasonal variations, causing fluctuations and renewable energy curtailment. Although the technical solutions; such as: the demand response (DR) programs, and the conventional electrical energy storage systems (EESSs) can help, however those may face limitations in countries with high seasonal energy generation and consumption variations. This paper introduces cryptocurrency mining loads (CMLs) as innovative virtual energy storage systems (VESSs), named cryptocurrency energy storage systems (CESSs). It proposes a structure to store excess renewable energy in cryptocurrency units (CCUs) like Bitcoin (BTC). CESSs can be charged during off-peak intervals and, conversely, they discharge during high-demand periods to reduce the overall operational cost of MGs. Furthermore, it presents a new energy management system (EMS) formulation for the optimal operation of MGs in the presence of CESSs, providing an opportunity to generate additional electricity from RESs and to mitigate renewable energy curtailment. This paper explores the optimal operation conditions of both islanded and grid-connected MG with the proposed CESS. Utilizing a dataset from an island in Finland as a practical MG, its effectiveness is demonstrated through several case studies. The results of one case study in this paper demonstrate that the proposed CESS can decrease the operating cost of the MG by about 46.5%. Additionally, it is showed that by application of CESS the renewable energy curtailment is significantly reduced, and approached zero.en
dc.description.versionPeer revieweden
dc.identifier.citationHajiaghapour-Moghimi, M, Hajipour, E, Azimi Hosseini, K, Vakilian, M & Lehtonen, M 2024, ' Cryptocurrency mining as a novel virtual energy storage system in islanded and grid-connected microgrids ', International Journal of Electrical Power and Energy Systems, vol. 158, 109915 .
dc.identifier.otherPURE UUID: 86be485b-8bfc-4553-8c47-3dd161b11a33en_US
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dc.relation.ispartofseriesInternational Journal of Electrical Power and Energy Systems
dc.relation.ispartofseriesVolume 158
dc.subject.keywordCryptocurrency miningen_US
dc.subject.keywordEnergy managementen_US
dc.subject.keywordEnergy storage systemen_US
dc.subject.keywordRenewable energy sourceen_US
dc.titleCryptocurrency mining as a novel virtual energy storage system in islanded and grid-connected microgridsen
dc.typeA1 Alkuperäisartikkeli tieteellisessä aikakauslehdessäfi