Bitcoin's Energy Risks Could Be Opportunities For Solving Energy Problems
Since the introduction of Bitcoin, the community has been talking about its negative impact on the environment. For years, experts from around the world have been looking for ways to minimize Bitcoin's energy consumption. But what if the solution to the problem lies in redirecting the risks of energy consumption rather than eliminating them? A group of scientists from IRM Energy and Renewables Group (SIG) came to this interesting conclusion.
Dylan Campbell and Alexander Larsen, in their joint report "Bitcoin and the Energy Transition: From Risk to Opportunity," conclude that humanity may come to solve global energy problems precisely through Bitcoin's high energy consumption.
The report covers the need for clean and renewable energy sources. However, the scientists take a measured approach to their idea of redistributing energy through Bitcoin. For example, Bitcoin miners can be an effective tool in managing the electrical grid. This applies to renewable energy sources, which are currently operating erratically, making it difficult for the power grid to operate. Bitcoin miners can not only solve the problems of decentralization, but also give enough power to run renewable energy sources. This will also accelerate the adoption of wind turbines and solar panels.
And in order for a Bitcoin miner to reduce its carbon footprint, it can use the gas or methane that arises from oil extraction. Economically, Bitcoin mining can improve nuclear power and harness the power of the oceans with OTEC.
The authors believe that the confrontation between the Bitcoin mining industry and the energy industry is not an obstacle, but a major solution to the challenges of a sustainable future. Therefore, they predict that partnerships between mining machine owners and energy infrastructure owners will grow.
