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Blockchain technologies are considered one of the most disruptive innovationsof the last decade, enabling secure decentralized trust-building. However, inrecent years, with the rapid increase in the energy consumption ofblockchain-based computations for cryptocurrency mining, there have beengrowing concerns about their sustainable operation in electric grids. Thispaper investigates the tri-factor impact of such large loads on carbonfootprint, grid reliability, and electricity market price in the Texas grid. Werelease open-source high-resolution data to enable high-resolution modeling ofinfluencing factors such as location and flexibility. We reveal that theper-megawatt-hour carbon footprint of cryptocurrency mining loads acrosslocations can vary by as much as 50% of the crude system average estimate. Weshow that the flexibility of mining loads can significantly mitigate powershortages and market disruptions that can result from the deployment of miningloads. These findings suggest policymakers to facilitate the participation oflarge mining facilities in wholesale markets and require them to providemandatory demand response.

High Resolution Modeling and Analysis of Cryptocurrency Mining's Impact on Power Grids: Carbon Footprint, Reliability, and Electricity Price