Rising energy costs make power management essential for Bitcoin miners aiming to stay profitable in a volatile market. While this is a problem, there are potential ways to flip this problem into an advantage. Foreman’s Power Control tools can provide miners with automated solutions to optimize energy use, reduce expenses, and maintain uptime without constant oversight.
In this article, we cover Foreman’s key strategies that allow miners to adapt to real-time energy prices, maximize operational efficiency, and focus on the most profitable machines. These tools give miners a critical edge in managing costs and enhancing profitability. Combining them could be an incredibly unique market advantage for any miner.
Scheduled Power Controls
Foreman’s Scheduled Power Controls allow miners to automate power adjustments on a recurring schedule, powering down or up at set times to align with operational goals and cost savings. Users can set daily or weekly schedules, choose specific machines, and adjust for time zones, ensuring seamless, automated curtailment. This feature helps miners optimize energy use and maintain profitability without manual intervention, aligning operations with peak efficiency.
Demand Response
Demand Response (DR) in Foreman offers miners a proactive approach to managing energy consumption, particularly valuable in volatile markets like ERCOT. By participating in DR programs, miners can strategically reduce their power usage during peak demand times, helping stabilize the grid and capturing financial incentives. Foreman’s platform integrates seamlessly with demand response initiatives, allowing for automated curtailment at optimal times and ensuring miners avoid unprofitable periods. The program gives operators precise control through scheduled participation in demand response events or on-demand power adjustments. Demand Response is an enterprise-grade feature available for those with DR added to their contract.
Miners can leverage demand response across various operational areas. For instance, miners can ensure they are strategically aligned with market needs by integrating with local grid programs through Curtailment Service Providers (CSPs) or collaborating with Qualified Scheduling Entities (QSEs) in ERCOT. Foreman’s Demand Response capabilities' versatility also allows participation in different services tailored to fit specific operational timelines and energy needs. This adaptability makes demand response a powerful tool for maximizing profitability while supporting grid stability.
Cost Avoidance
Foreman’s Cost Avoidance, an enterprise-grade feature, helps miners reduce expenses by automatically shutting down equipment when electricity prices exceed profitability thresholds. This proactive approach allows miners to avoid losses during high-cost periods, operating only when energy prices are favorable. By setting specific strike prices, miners maintain profitability without needing constant monitoring.
Cost Avoidance also extends equipment lifespan by reducing unnecessary operation during unprofitable times, minimizing wear and tear. Foreman’s flexible system supports different fleet needs and pricing thresholds, making it an essential tool for keeping operations efficient and profitable, even in fluctuating energy markets.
From a single case study based on a winter storm in Texas, a 10MW facility could lose up to $25,000 per hour if it isn't prepared for price spikes. Cost Avoidance can help create a buffer or emergency trigger for these catastrophic events, ensuring you aren't caught off guard.
Multi-Strike Price
Foreman’s Multi-Strike Price feature enhances cost control by allowing miners to set multiple profitability thresholds across machine groups. This selective curtailment keeps newer, more efficient machines running during price spikes while pausing less profitable ones. Multi-Strike Price helps miners with mixed fleets maintain profitability by adjusting operations based on real-time energy costs, maximizing uptime for high-return machines. This precise approach ensures resources are focused where they generate the highest returns.
Foreman’s Power Control tools equip miners with the strategies to optimize energy use and manage costs in a challenging market. Features like Demand Response, Cost Avoidance, and Multi-Strike Price allow for automated, precise adjustments that keep operations efficient and profitable, even as energy prices fluctuate. With Foreman, miners can confidently navigate market changes, ensuring resilience and maximizing returns across all their operations.
