Bitcoin Mining Heat Alternative Could Solve Global Energy Crisis: Arcane
While innovations in chipset manufacturing have helped reduce the operating costs associated with Bitcoin mining, a report from Arcane shows the market's potential to transform the energy industry.
The flexibility behind running Bitcoin (BTC) mining operations could be crucial to solving problems Real-world problems hamper the energy industry, Arcane's research shows.
One of the biggest concerns authorities raise when it comes to Bitcoin's mainstream adoption is its energy requirements. While innovations in chipset manufacturing have helped reduce the operating costs associated with Bitcoin mining, a report from Arcane shows the market's potential to transform the energy industry.
Due to low reaction costs, Bitcoin mining complements the development of wind and solar power grids, often generating unstable and uncontrollable energy. Arcane's research indicates that the Electrical Reliability Council of Texas has, to date, only allowed bitcoin miners to participate in the most cutting-edge demand-response programs.
In addition to being flexible to the needs of the power grid, Bitcoin mining can also help solve problems related to gas flares - the burning of natural gas associated with oil extraction.
Arcane emphasized that by leveraging the agnostic, modularity, and portability of Bitcoin rigs, miners can set up operations next to oil wells, reasoning that “Every investment $1,000, a bitcoin mining system reduces emissions by 6.32 tons of CO2 equivalent per year, compared with 1.3 for wind and 0.98 for solar. “
Bitcoin mining can further benefit the energy industry by reusing its by-product – heat – to heat homes, industries and other applications during the winter. next. It's important to note that heating accounts for about 40% of the world's CO2 emissions.
Replacing heat from Bitcoin mining offers various advantages, including operating allowances and lower heating costs.
US lawmakers complain directly to 4 mining companies, asking for information on energy consumption
The importance of the study comes at a time when the Eurozone hit a record 9.1% inflation amid the energy and gas crisis.
According to Cointelegraph reported, energy prices make up the biggest price push, up 38.3% year-on-year over the past month.
Sep 04, 2022