Cryptocurrency presentation given to Basin Electric directors

At the February board of directors meeting, representatives from Royal Bank of Canada spoke to directors about blockchain and Bitcoin, the most popular and established form of cryptocurrency.

Interest in cryptocurrency and cryptomining is growing and Basin Electric members are being approached with requests to connect on co-op lines. The electricity needed to run these operations is substantial and the technology has the potential to change quickly.

“These projects can mean 5-10 megawatts, which is easy to plan for and easy to serve, but some estimates are as high as 600 megawatts – that’s two power plants,” said Steve Johnson, Basin Electric senior vice president and chief financial officer. “How do you plan for that? These assets take time to construct, and are financed over 30 years. Is that load going to be there in 30 years? Will the equipment become more efficient and require less electricity or will cryptocurrency continue to grow and require that much electricity? The board is really pushing staff and management to think about that. At the end of the day we want to protect everyone at the end of the line. Our decisions are about protecting Basin Electric from a financial perspective.”

Members can watch the presentation on the members website (login required) and employees can watch it on the intranet, Inside Basin.