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Modeling and Analyzing Demand Flexibility of Cryptocurrency Mining Loads in Electricity and Reserve Markets

Heydari Tafreshi, Omid Reza | 2024

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 57733 (05)
  4. University: Sharif University of Technology
  5. Department: Mechanical Engineering
  6. Advisor(s): Hajipour, Ehsan
  7. Abstract:
  8. Virtual power plants (VPPs) represent a strategic coalition designed to optimize profits earned and simultaneously help independent system operators (ISOs) cope better with uncertainties associated with the renewable resources. These unions typically comprise generation units, customers, facilities that enhance their profitability, such as electrical energy storage systems (EESSs) and flexible loads. Among the flexible loads, cryptocurrency mining loads (CMLs) possess traits that are well-suited to various flexibility services and could be a source of flexibility in the VPPs while benefiting from its potentials. This paper introduces an innovative VPP configuration that incorporates participation in day-ahead (DA) and real-time (RT) electricity markets considering uncertainties associated with the deployment of wind turbine generation and market prices. While the owner of CML benefits from infrastructure that VPP offers, VPP itself can make less conservative decisions and achieve higher revenues in the market due to the increased flexibility presenting a win-win compromise. To optimize the use of energy resources, a novel framework, modified stochastic adaptive robust optimization approach is employed in this paper. Case studies were conducted to validate the proposed method’s efficacy. The results indicate that the joint operation of a CML and a VPP can increase the total profit earned by 6.13\% for a conservative owner. Additionally, an out-of-sample assessment is conducted further validating the novel optimization method and its results, as it indicates 7.3\% of added value due to the CML's flexibility provision and higher revenues for the modified approach
  9. Keywords:
  10. Cryptocurrency Mining ; Flexibility ; Robust Optimization ; Stochastic Optimization ; Virtual Power Plant (VPP) ; Electrical Energy Storage System ; Cryptocurrency Mining Loads

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