Veritone Wins Microgrid Modeling Contract for U.S. Cryptocurrency Mining Project

Veritone, Inc. , the creator of the world’s first operating system for artificial intelligence, aiWARE™, announced a new project with a leading microgrid developer to model the clean energy supply needs for a new U.S cryptocurrency mining project within Texas.

August 04, 2021. By News Bureau

Veritone, Inc. , the creator of the world’s first operating system for artificial intelligence, aiWARE™, announced a new project with a leading microgrid developer to model the clean energy supply needs for a new U.S cryptocurrency mining project within Texas.

Global pressure for mining cryptocurrency using more clean energy sources over fossil fuels has spurred a migration to more environmentally-conscious countries such as the U.S., which now accounts for almost 17% of the world’s cryptocurrency. Mining data centers are increasingly powered by clean energy microgrids, which can bring reliability challenges due to the variable nature of green energy solutions.

Veritone’s AI-powered energy solutions enable independent power producers and microgrid developers to more accurately model and predict mining data center energy supply needs. The new contract calls for modeling and simulation of the energy sources required to optimally dispatch 1,000 mW of clean, continuous, and reliable power for crypto mining. The capacity sizing design simulation will leverage wind, solar, and battery sources, with natural gas as a backup power source.

“Veritone’s energy modeling and simulation helps independent power producers and microgrid developers plan for the most optimal energy mix before they deploy,” said Sean McEvoy, SVP of Energy at Veritone. “For this crypto mining project, during the day, solar and wind will power the data center, while surplus solar and wind power will charge battery systems. At night, battery and wind will power the data center, with natural gas available if needed. This hybrid microgrid / utility grid combination ensures 24x7 continuous operation, with Veritone ensuring supply and demand are always in balance.” McEvoy added, "We are seeing broad application of Veritone's technology to not just crypto mining, but improving the energy efficiency of any high power load operation, such as traditional data centers and agricultural operations."

Veritone simulations use Monte Carlo simulation models coupled with a risk-minimizing Veritone optimizer to determine optimal energy mix that considers the number, type, and size of solar panels, wind turbines, and battery storage systems and the dynamic price of these energy sources. The models process millions of data points in real-time, including weather forecasting, load profile, energy pricing, and energy device parameters and limitations including warranty information around optimal energy storage levels, dissipation levels, temperature, humidity, and other device and environmental factors.

Veritone energy solutions consist of a forecaster, optimizer, and controller to add optimization and resilience to any macro or microgrid. Veritone uses these technologies to simulate optimal energy supply mix and price for a range of devices and grid strategies. This simulation provides a blueprint for smart grid deployment, and ensures compliance with regulatory requirements.

“With cryptocurrency mining using clean energy now more than ever, Veritone gives miners and the energy producers that power them the assurance that they will always have the energy they need at the lowest possible cost,” said Chad Steelberg, Veritone CEO. “By optimizing data centers with dynamic AI models that intelligently route energy, we extend our core mission to build a safer, more vibrant, transparent, and empowered society through AI.”

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