The problem is once you have factored in the cost of the mining equipment plus cheap (or even zero rate) electricity, it’s usually more profitable to leave it on 24x7, defeating the claimed purpose.
Say a mining firm buys a top of the range miner that burns 3.2KW of power, with an amortised capital cost of $0.40 per hour (assuming say $10K for the machine spread over 3 years), and that it’s estimated it will be on for 50% of the time during off peak when the electricity is cheap (let’s say $0.03 per KWh, or $0.10 per hour). That means the mining firm is basing it off a total cost of $0.90 for each hour that it’s turned on. But if that’s profitable based on the Bitcoin price/difficulty ratio, it means that it should be turned on whenever the cost of electricity is less than about $0.28 per KWh, since the capital is sunk cost anyway. That’s a very high wholesale rate. The mining firm might as well leave it on 24/7. So instead of balancing the grid, it’s just causing a constant drain.
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