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Home News Crypto

Crypto, AI Growth May Strain North America’s Energy Grids, Regional Energy Coalition Body Warns

25 December 2024
in Crypto, News
Reading Time: 3 mins read
101 7
source: govtech.com

source: govtech.com

The North American Electric Reliability Corporation (NERC) has raised concerns about the growing energy demands of cryptocurrency mining and artificial intelligence (AI) operations, which could challenge grid reliability and forecasting.

In its latest Long-Term Reliability Assessment report, NERC highlights the unpredictable and energy-intensive nature of crypto mining and AI data centres. These operations, characterized by fluctuating energy needs, adjust consumption based on electricity prices or increase demand for processing, cooling, and storage. According to the body, this variability poses risks to grid stability and amplifies the potential for energy shortfalls.

NERC projects a 4.6% annual increase in peak summer electricity demand through 2029, with Texas expected to experience demand growth four times higher than previous forecasts. To address these challenges, NERC recommends proactive measures such as enhanced demand forecasting, advanced transmission planning, and expanding demand-side management (DSM) programs to stabilize the grid.

The report coincides with significant growth in North America’s crypto-mining sector. Bitcoin miner Hut 8 recently secured a power purchase agreement (PPA) in West Texas, which grants it access to 205 megawatts of power and land. Upon completion, this deal will boost Hut 8’s total energy infrastructure capacity to 1.3 gigawatts. The facility, located near a wind farm and connected to the ERCOT grid, ensures access to low-cost wholesale power. Although financial details remain undisclosed, Hut 8 views this agreement as a critical step toward securing an additional 1,100 megawatts of energy capacity.

Meanwhile, NERC’s warning aligns with concerns raised by Russian officials about energy shortages due to the rapid growth of crypto-mining in the country. Maxim Oreshkin, a Kremlin official, projected that these activities would strain Russia’s energy supply, particularly in Siberia, where low electricity costs fuel mining activities, in the next five to ten years. Oreshkin also called for a reevaluation of energy capacity expansion plans to maintain competitive costs for future facilities.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: CryptoNERCNorth America
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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