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The electricity sector is facing the dual challenge of supporting increasinglevel of demand electrification while substantially reducing its carbonfootprint. Among electricity demands, the energy consumption of cryptocurrencymining data centers has witnessed significant growth worldwide. Ifwell-coordinated, these data centers could be tailor-designed to aggressivelyabsorb the increasing uncertainties of energy supply and, in turn, providevaluable grid-level services in the electricity market. In this paper, we studythe impact of integrating new cryptocurrency mining loads into Texas power gridand the potential profit of utilizing demand flexibility from cryptocurrencymining facilities in the electricity market. We investigate different demandresponse programs available for data centers and quantify the annual profit ofcryptocurrency mining units participating in these programs. We perform oursimulations using a synthetic 2000 bus ERCOT grid model, along with addedcryptocurrency mining loads on top of the real-world demand profiles in Texas.Our preliminary results show that depending on the size and location of thesenew loads, we observe different impacts on the ERCOT electricity market, wherethey could increase the electricity prices and incur more fluctuations in ahighly non-uniform manner.

Modeling and Analysis of Utilizing Cryptocurrency Mining for Demand Flexibility in Electric Energy Systems: A Synthetic Texas Grid Case Study