billyjoeallen



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LegendaryActivity: 1106Merit: 1006Hide your women Potential Killer App: Power storage February 06, 2015, 05:46:01 AM #1 Power companies face a big problem: they generally have the ability to produce power at a more or less constant rate while the demand for that power fluctuates sometimes dramatically. Many schemes to store power have been designed such at giant batteries, artificial lakes with pumps and turbines, massive coils, etc, but non have proven efficient or cost-effective.



A potential solution to this problem could be giant bitcoin mining farms that the power companies only run during off-peak hours. Rather than storing the electricity, the power companies use it to generate bitcoins or other crypto that they can store much more easily. Then they can sell the bitcoins rather than selling the surplus electricity.



The nearly free electricy would put them at a competitive advantage over other miners and the ability to more fully utilize their power generation equipment would put them at a competitive advantage over other power producers.



Thoughts? Comments? insert coin here:

Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s







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Harmonica



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NewbieActivity: 57Merit: 0 Re: Potential Killer App: Power storage February 06, 2015, 05:49:16 AM #2 kill·er app



noun informal



a feature, function, or application of a new technology or product that is presented as virtually indispensable or much superior to rival products.









No chance of this being the killer app or ever happening.

QuantumCurrency



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Jr. MemberActivity: 45Merit: 10Exchange at the speed of Quantum Entanglement Re: Potential Killer App: Power storage February 06, 2015, 07:42:02 AM #4 This may help on a financial / theoretical level, but does not work for real world load leveling of power. The power company can not sell their mined bitcoin to buy power from bitcoin accepting aliens to supplement their supply during peak times. They have to back that up with real world stored energy or additional capacity. I suppose you're thinking they could use this to help justify increasing capacity, but I don't see that happening in reality. That's a large investment with a payout peroid of decades, paired with for a new concept (bitcoin) that may or may not work, especially in it's current forum. What if SHA256 is broken and there is a switch to SHA512 or other? Current ASIC hardware would no longer function, and if a power company spent billions and expected an ROI over 20+ years, this would be devastating.



I wouldn't trust BTC to remain the same over this time scale.

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LegendaryActivity: 1778Merit: 1043 Re: Potential Killer App: Power storage February 06, 2015, 12:11:19 PM #7 Quote from: billyjoeallen on February 06, 2015, 05:46:01 AM Power companies face a big problem: they generally have the ability to produce power at a more or less constant rate while the demand for that power fluctuates sometimes dramatically. Many schemes to store power have been designed such at giant batteries, artificial lakes with pumps and turbines, massive coils, etc, but non have proven efficient or cost-effective.



A potential solution to this problem could be giant bitcoin mining farms that the power companies only run during off-peak hours. Rather than storing the electricity, the power companies use it to generate bitcoins or other crypto that they can store much more easily. Then they can sell the bitcoins rather than selling the surplus electricity.



The nearly free electricy would put them at a competitive advantage over other miners and the ability to more fully utilize their power generation equipment would put them at a competitive advantage over other power producers.



Thoughts? Comments?



It is a concept that I have considered as well. What was discovered is that the value after overhead was not there.worth it at the time. It is a concept that I have considered as well. What was discovered is that the value after overhead was not there.worth it at the time.

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Sr. MemberActivity: 378Merit: 250 Re: Potential Killer App: Power storage February 06, 2015, 01:43:32 PM #10 Quote from: billyjoeallen on February 06, 2015, 05:46:01 AM Power companies face a big problem: they generally have the ability to produce power at a more or less constant rate while the demand for that power fluctuates sometimes dramatically. Many schemes to store power have been designed such at giant batteries, artificial lakes with pumps and turbines, massive coils, etc, but non have proven efficient or cost-effective.



A potential solution to this problem could be giant bitcoin mining farms that the power companies only run during off-peak hours. Rather than storing the electricity, the power companies use it to generate bitcoins or other crypto that they can store much more easily. Then they can sell the bitcoins rather than selling the surplus electricity.



The nearly free electricy would put them at a competitive advantage over other miners and the ability to more fully utilize their power generation equipment would put them at a competitive advantage over other power producers.



Thoughts? Comments?



>Power companies face a big problem



No, they do not. A modern power grid has multiple interconnected powers stations absorbing the fluctuating load. Less efficient generators (coal burners, etc.) are brought online to absorb intermittent spikes in demand. Shit is planned. Pricing is also structured to minimize flux (prices higher for periods of peak use).

http://en.wikipedia.org/wiki/Electrical_grid#Interconnected_Grid







>A potential solution to this problem could be giant bitcoin mining farms



Giant mining farms standing idle most of the time?



TL;DR: The wizzkids of today have invented electrical wire, allowing power to be transported from places where it ain't needed to those where it is. They have also invented alternating current & transformers to make this transport relatively efficient. There's little "wasted" capacity. No need to come up with convoluted scheme to justify PoW mining. >Power companies face a big problemNo, they do not. A modern power grid has multiple interconnected powers stations absorbing the fluctuating load. Less efficient generators (coal burners, etc.) are brought online to absorb intermittent spikes in demand. Shit is planned. Pricing is also structured to minimize flux (prices higher for periods of peak use).>A potential solution to this problem could be giant bitcoin mining farmsGiant mining farms standing idle most of the time?TL;DR: The wizzkids of today have invented electrical wire, allowing power to be transported from places where it ain't needed to those where it is. They have also invented alternating current & transformers to make this transport relatively efficient. There's little "wasted" capacity. No need to come up with convoluted scheme to justify PoW mining.