Bitcoin Mining Could Revolutionize Energy Production: Crazy Research

Arcane Research, a digital asset analyzer, has published a report examining bitcoin mining and its relationship to global energy.

The paper argues that the mining industry can change global energy production for the better – contrary to what is often portrayed as a social and environmental scourge.

Network strengthening and renewable technology

The a reportPublished Wednesday, it provides four ways mining can desirable and economically optimize power systems.

The first is stability: miners can act as buyers of last resort for unreliable and uncontrollable sources of energy, such as wind and solar. This is due to the constant demand for electricity supplied by the miners and the low cost of responding immediately to a given supply shock at each level.

Miner interaction also allows the industry to return power to the grid when demand is too high. For example, industrial miners in Texas collectively Closed in July to help protect the network during a heat wave, as part of a government-wide demand response program.

Such interaction will be especially important in the coming years, as the world increasingly transitions from flexible fossil fuels to inflexible renewables. With proof of work, stranded renewables can become profitable by exploiting on-site agnosticism, modularity and interruption of miners.

“Bitcoin miners can search for surplus areas of wind and solar and build a data center of exactly the size needed to consume the excess energy,” the report explained.

Gas and heat recycling

Miners not only support renewable energy, but also make oil drilling a cleaner and more efficient process.

Oil exploration often produces natural gas that cannot always be exploited economically for consumption. As such, oil producers are forced to flare up the gas, which has no economic benefit and pollutes the environment in the process.

On the other hand, if oil producers choose to use natural gas in mining, they can benefit from and reduce greenhouse gas emissions associated with the by-product. Again, mining is uniquely suited to this job due to its agnosticism, modularity, and portability.

The extraction of Bitcoins from the oil field has grown rapidly especially in the United States and Canada in recent years. Exxon – a large multinational oil and gas company – expressed She plans to use bitcoin mining for this quick purpose in March.

The main driver among the oil industry appears to be reducing emissions. Data from Crusoe Energy shows it to be the most economically efficient way to reduce emissions – over 4 times more efficient than wind energy investments and more than 6 times more efficient than solar investments.

But just as oil drilling produces natural gas as a byproduct, bitcoin mining produces heat as a byproduct.

This provides another opportunity to recover economic resources. Bitcoin miners can use heat recovery for district heating while subsidizing these heating costs with the Bitcoin it generates.

Moreover, if these miners are powered by renewable sources, the industry can effectively reduce the carbon dioxide emissions associated with heating – the largest single source of carbon dioxide emissions in the world.

“Reusing the heat from bitcoin mining is basically the same thing Twice the energy,” Arkan explained. “This offsets the energy used by the bitcoin mining industry as it outperforms other miners who do not recycle their heat.”

Bitcoin mining could then revolutionize energy production: Mysterious research first appeared on CryptoPotato.

Bitcoin Mining Could Revolutionize Energy Production: Crazy Research – Coinphony [SV]

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