Power companies should mine bitcoins

[Son0fLamb]

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A voltage is potential energy. A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
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No, that's not even wrong.  But there's very little waste in modern power grids--excess capacity is simply shut down/taken offline, so there's little point in blowing millions of dollars on mining gear which will only mine a fraction of the time (as it becomes obsolete).  Here's a pic:

http://upload.wikimedia.org/wikipedia/commons/thumb/9/90/Electricity_Grid_Schematic_English.svg/694px-Electricity_Grid_Schematic_English.svg.png

[jyakulis]

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A voltage is potential energy. A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
...

No, that's not even wrong.  But there's very little waste in modern power grids--excess capacity is simply shut down/taken offline, so there's little point in blowing millions of dollars on mining gear which will only mine a fraction of the time (as it becomes obsolete).  Here's a pic:

Well, that's what I meant. They know the current draw at peak and non peak times and would either slow their fuel feed or bring generators offline.

I think you'd be hard pressed to find a power company storing energy in batteries.

[spazzdla]

Well, the extra-energy can be stored and sold later. I think that it isn't profitable mining bitcoin with this extra-energy because of the high price of the ASICs (and the maintenance). Not only free electricity is necesary to mine bitcoin, it's necesary a investment in machines and space.

Bye

Storing it, hilarious.  That was a good one, storing it, you're cute.

[needFREElunch]

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A voltage is potential energy. A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
...

No, that's not even wrong.  But there's very little waste in modern power grids--excess capacity is simply shut down/taken offline, so there's little point in blowing millions of dollars on mining gear which will only mine a fraction of the time (as it becomes obsolete).  Here's a pic:

Right. This would also only make the confirmation time unstable as the electric companies would shut off their mining gear in peak demand times which would cause the confirmation time to suddenly increase.

[Kipsy89]

A lot of grid is wasted during off peak times. Energy is stored or sold in inefficient manners. Instead, they should use any excess energy in mining bitcoins to sell. Rather than raising electric rates, they can increase their customer base. Their price discovery will be the electricity/btc pair. They can choose which will be most profitable. Storage can then be bought by customers for their needs based on rates. This just seems more efficient than being forced to sell to only one market.

Yeah, you are right. There are times when it costs you money to produce electricity and people get money for consuming electricity. At those times you could power up your rig with hardware no matter how old. You could even use old BFL gear or outdated KNC hardware... Man this would mean double the profit for you!

[adamsworks]

Well, the extra-energy can be stored and sold later. I think that it isn't profitable mining bitcoin with this extra-energy because of the high price of the ASICs (and the maintenance). Not only free electricity is necesary to mine bitcoin, it's necesary a investment in machines and space.

Bye

You really can not store AC power in any meaningful way....  and AC to DC,  then back to AC for transmission....  that isn't efficient either.

The power system, likely looses about 25 to 40 percent of the energy from generation to your door in things like line loss, along with losses at transmission.

While I am not saying the OP's idea is good or bad, since power systems are run by governments, and they manage to mess it all up at least 3/4 of the time.....  storing electrical energy isn't as easy as you would think.

[needFREElunch]

Well, the extra-energy can be stored and sold later. I think that it isn't profitable mining bitcoin with this extra-energy because of the high price of the ASICs (and the maintenance). Not only free electricity is necesary to mine bitcoin, it's necesary a investment in machines and space.

Bye

You really can not store AC power in any meaningful way....  and AC to DC,  then back to AC for transmission....  that isn't efficient either.

The power system, likely looses about 25 to 40 percent of the energy from generation to your door in things like line loss, along with losses at transmission.

While I am not saying the OP's idea is good or bad, since power systems are run by governments, and they manage to mess it all up at least 3/4 of the time.....  storing electrical energy isn't as easy as you would think.

I don't think this is true. Do you have any sources on this? It has been (somewhat) proven above that the electric grid (in the US at least) is very efficient and looses little via leakage getting electricity from electric plants to where it is used

[cbeast]

Well, the extra-energy can be stored and sold later. I think that it isn't profitable mining bitcoin with this extra-energy because of the high price of the ASICs (and the maintenance). Not only free electricity is necesary to mine bitcoin, it's necesary a investment in machines and space.

Bye

You really can not store AC power in any meaningful way....  and AC to DC,  then back to AC for transmission....  that isn't efficient either.

The power system, likely looses about 25 to 40 percent of the energy from generation to your door in things like line loss, along with losses at transmission.

While I am not saying the OP's idea is good or bad, since power systems are run by governments, and they manage to mess it all up at least 3/4 of the time.....  storing electrical energy isn't as easy as you would think.

I don't think this is true. Do you have any sources on this? It has been (somewhat) proven above that the electric grid (in the US at least) is very efficient and looses little via leakage getting electricity from electric plants to where it is used

Along the route, through the hundreds or even thousands of miles of high tension lines and towers (called ‘pylons’) significant but naturally-occurring electrical current losses of up to one-third of the original output are experienced — which must be covered by 1) sending more current than is needed to ensure the required amount reaches the city after the losses are factored in 2) the installation of costly substations, with their hugely expensive transformer systems to recover and re-modulate the current.

[spazzdla]

Well, the extra-energy can be stored and sold later. I think that it isn't profitable mining bitcoin with this extra-energy because of the high price of the ASICs (and the maintenance). Not only free electricity is necesary to mine bitcoin, it's necesary a investment in machines and space.

Bye

You really can not store AC power in any meaningful way....  and AC to DC,  then back to AC for transmission....  that isn't efficient either.

The power system, likely looses about 25 to 40 percent of the energy from generation to your door in things like line loss, along with losses at transmission.

While I am not saying the OP's idea is good or bad, since power systems are run by governments, and they manage to mess it all up at least 3/4 of the time.....  storing electrical energy isn't as easy as you would think.

I don't think this is true. Do you have any sources on this? It has been (somewhat) proven above that the electric grid (in the US at least) is very efficient and looses little via leakage getting electricity from electric plants to where it is used

Transmission and converting AC to DC and back to AC are completely different things.

Also batteries are wildly expensive.. like stupid stupid expensive.  Storing the power is something only a noob would say.. I am sorry but it is true.