Investigating the Cryptocurrency Mining Loads' High Penetration Impact on Electric Power Grid
Loading...
Access rights
openAccess
URL
Journal Title
Journal ISSN
Volume Title
A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä
This publication is imported from Aalto University research portal.
View publication in the Research portal (opens in new window)
View/Open full text file from the Research portal (opens in new window)
Other link related to publication (opens in new window)
View publication in the Research portal (opens in new window)
View/Open full text file from the Research portal (opens in new window)
Other link related to publication (opens in new window)
Date
2024
Major/Subject
Mcode
Degree programme
Language
en
Pages
21
Series
IEEE Access, Volume 12, pp. 153643-153663
Abstract
Cryptocurrency has become a pivotal player in global financial transactions due to its decentralized mining process, which eliminates the need for intermediaries. However, the operation of cryptocurrency mining devices (CMDs) requires significant electrical power, leading to an increase in network-connected cryptocurrency mining loads (CMLs) that pose challenges for power grid operators. This paper evaluates the integration of CMLs into power grids, focusing on distribution network performance. A technology-accepted model for assessing cryptocurrency mining performance is presented, along with an analysis of the impacts of high CML penetration on power grid planning and operation. Findings reveal that high CML penetration can complicate load forecasting, congest transmission lines, and increase the coincident peak load in distribution networks. A case study of Iran's power network indicates that CMLs account for approximately 2.8% of the nation's electricity consumption. Furthermore, if 5% of residential customers in Tehran install CMDs, the average coincident peak demand for this group rises by 26.81%. Additionally, the average power factor of a sample CMD is about 0.99, while total current distortion and third harmonic current exceed permissible limits, indicating potential power quality issues. This study highlights the challenges posed by CMLs and proposes strategies for their sustainable integration into power grids.Description
Publisher Copyright: © 2013 IEEE.
Keywords
Bitcoin, cryptocurrency mining, distribution network, electricity rate, power quality
Other note
Citation
Hajiaghapour-Moghimi, M, Heydari Tafreshi, O, Hajipour, E, Vakilian, M & Lehtonen, M 2024, ' Investigating the Cryptocurrency Mining Loads' High Penetration Impact on Electric Power Grid ', IEEE Access, vol. 12, pp. 153643-153663 . https://doi.org/10.1109/ACCESS.2024.3482098