Electricity: Bitcoin’s Critical Input
2023-01-13 , Main Hall

Electricity powered Proof of Work serves the role of welder forging the bond between atoms and bits. But where do miners source electricity? Are they building just another data center? What makes mining play a special role all across our electric systems from methane molecule to nuclear reactor and everywhere in between?

Justin Orkney is a Director for Tierra Resource Consultants after a decade working with some of the largest US electric utilities.  Mr. Orkney is now focused on incorporating Bitcoin mining into grid planning and operations in ways that take advantage of the unique qualities Proof of Work offers. He routinely performs in-depth review, analysis and formulation of rate designs, power purchase agreements and interconnections. In addition, he provides leadership and insight to the implementation of multiple customer-facing programs involving new technologies and market structures.  He frequently collaborates with experts at national research institutions, industry associations given his functional expertise in system operations, bitcoin mining, rate design, distributed generation, energy storage, electric vehicles and the grid. Justin is also an inaugural member of the Satoshi Action Fund Advisory Council focused on favorable bitcoin mining policy.

Shaun Connell has 15+ years of experience in North American Energy Markets and has held multiple senior management level positions within a large publicly traded Power Company. He has built and led teams in Trading, Asset Optimization, Origination and graduated from the University of Calgary’s Global Energy Executive MBA program. In his current role as EVP, Power for Lancium, he is responsible for leveraging the company's load control technology to deliver low cost power to Lancium's portfolio of highly flexible loads. His responsibilities include locating optimal grid siting locations that offer at scale access to low-cost clean energy, transmission interconnection, energy procurement, commodity exposure management and optimization.

Spencer Marr is the President and Founder of Sangha Systems where he spearheaded the company's development, operations, and sale of an 82 MW grid-tied Bitcoin mining site in Illinois. Sangha bootstrapped the Illinois project over the course of 4 years, having never raised outside capital, and therefore became expert at site selection and due diligence, real estate negotiations, negotiations with utilities and retail electric supplier, iteratively designing and building the physical plant, negotiating and drafting all the relevant (in many cases, novel) legal documents, building financial models to price hosting agreements correctly, operating the facility day-to-day, and thinking deeply about how the world of energy and Bitcoin mining needed to merge.

Spencer had the idea for getting into Bitcoin mining while working at Sustainable CUNY (City University of New York) on a Dept of Energy grant funded project to bring insurance market price signals to bear on the value of “energy resilience” through installing solar and energy storage. Prior to his time at CUNY, Spencer worked at several law firms in New York City with a focus on commercial litigation specializing in insurance coverage. He has a JD from Brooklyn Law School and a B.S. in Psychology from Tulane University, in New Orleans.

Working with its partners in energy brokerage and advisory, software, and immersion cooling infrastructure Sangha is now focused on acting as an end-to-end white glove consultant, construction manager, and operator for utility scale solar and wind developers and industrial real estate owners with surplus energy and/or power infrastructure. Spencer believes Bitcoin mining incentivizes actors to pursue the lowest marginal cost of energy, which is only possible through the large-scale development of renewables, energy storage, immersion cooling infrastructure, creative project finance, and energy control systems.