Cryptocurrency as "financial energy storage"
The increasing awareness of the large amount of energy used to mine cryptocurrencies has started discussion about the benefit of using cryptocurrency mining load as a means to address overgeneration in territories with excess renewables. If we can make the case that using energy to mine cryptocurrencies during overgeneration events is financially superior to curtailing renewables for reliability purposes, it's possible utilities could justify putting cryptocurrency mining equipment into rate base, likely passing on the value of any cryptocurrency generated to ratepayers.
One of my co-workers floated the idea of viewing cryptocurrency mining as "financial energy storage." I'd like to hear how others view this idea. Is the fact cryptocurrency is a product of energy load enough to differentiate it from other uses of electricity? Does financial storage of energy have any of the benefits of physical storage? Perhaps we could look at the business case for using the value of cryptocurrency to purchase physical storage assets.
If you have thoughts on these ideas, please share.