31 Aug 2022
How Bitcoin Mining Can Transform the Energy Industry
Bitcoin miners are uniquely flexible energy consumers that can help solve some of our biggest energy problems.
Bitcoin mining is a much-maligned industry due to its vast energy consumption. The criticism relies heavily on the assumption that bitcoin miners provide no positive externalities to energy systems and only serve as energy hogs forcing additional non-renewable energy generation.
Many of the harshest critics lack an understanding of both Bitcoin and energy systems. In this report, we highlight how bitcoin mining can alter energy systems for the better.
We address four areas where bitcoin miners can affect energy systems in a desired way and/or improve the economics of energy production
Strengthening electricity grids with bitcoin mining
Improving the economics of renewable energy with bitcoin mining
Mitigating natural gas flaring with bitcoin mining
Repurposing waste heat from bitcoin mining