A recently published working paper concerning Bitcoin mining has sought to fight assertions from anti-crypto politicians about Bitcoin affecting the planet.
A new working paper written by Bitcoin supporters as well as the ex-president of ERCOT, Texas’ electrical grid’s operator, showed that Bitcoin mining is a ‘vital tool’ for clean energy and balancing the grid.
Bitcoin Supporters Advocate Use of Green Energy in Crypto Mining
The title of the November 2022 paper is ‘Leveraging Bitcoin Miners as Flexible Load Resources for Power Systems Stability and Efficiency.’ It asserted that the inherent interruptiblity of Bitcoin, as well as the rapid load response abilities, might improve the flexibility of the grid to better incorporate flexible sources of renewable energy.
The working paper’s authors included Nic Carter, a Castle Island Ventures partner, Dennis Porter, the chief executive officer of Satoshi Action Fund, and Murray Rudd, a science advisor and ex-president of ERCOT (Electric Reliability Council of Texas). It also included chief executive officer Brad Jones, who recently passed on, and Shaun Connell, the executive vice president of power at Lancium, a Houston-founded technology firm.
The paper highlights case studies regarding Bitcoin miners taking part in demand response initiatives and offering grid services in Texas, demonstrating their special abilities as manageable and modifiable loads. According to the researchers’ conclusion, this indicates Bitcoin miners’ critical role in demand response, ‘hence reinforcing the grid’s economic and technical stability.’
Bitcoin Miners Seeking to Reduce Carbon Emissions
On X (formerly Twitter), some observers claimed the paper’s findings contradict claims from anti-crypto politicians who accuse Bitcoin miners of high energy utilization and loads on grids. In October last year, ERCOT was compelled by Senator Warren and six other Democrats to release data revealing the amount of electricity used in Bitcoin mining activities.
Additionally, she earlier attacked Greenidge Generation, a mining company based in New York, asserting that a ‘clampdown on environmentally extravagant cryptocurrencies’ would aid in combating the climate calamity.
In a retweet of the paper, Marshall Long, a Bitcoin mining pioneer, mentioned Senator Warren and claimed that she was wrong according to the grids’ managers. The researcher deduced that Bitcoin’s wide-ranging effect on international demand for energy and climate energy ‘is still intricate.’
Decarbonizing Crypto Mining Activities
However, unfolding information shows that ‘its impacts may be more refined than commonly believed. ‘A recent study by Cornell University showed how solar and wind projects can benefit from Bitcoin mining, especially during the pre-commercial development stages.
In July, it was revealed that innovations like hydro-cooling farms and related petroleum gas made Bitcoin mining more viable. Additionally, in September, reports showed that the cryptocurrency’s clean energy utilization had surpassed 50%.
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