Bitcoin mining is a “critical tool” for clean energy and grid balancing, according to a new working paper written by Bitcoin advocates and the former president of ERCOT, the operator of the Texas power grid.
The nov. 22 paper titled "Leveraging Bitcoin Miners as Flexible Load Resources for Energy System Stability and Efficiency" argued that Bitcoin mining's inherent interruptibility and fast load response capabilities could improve the flexibility of the network to integrate better variable sources of renewable energy.
Authors of the working paper included Castle Island Ventures partner Nic Carter, Satoshi Action Fund CEO Dennis Porter, and scientific advisor Murray Rudd, the former president and CEO of ERCOT (Electric Reliability Council of Texas). , Brad Jones, who recently passed away, along with the executive vice president. of energy from Houston-based technology company Lancium, Shaun Connell.
BREAKING: New working paper co-authored by former ERCOT and NYISO CEO, highlights #Bitcoin mining as a fundamental tool for clean energy and grid balance. pic.twitter.com/86pXuQ1XxL
—Dennis Porter (@Dennis_Porter_) November 27, 2023
The paper provides case studies of Bitcoin miners participating in demand response programs and providing network services in Texas, illustrating their unique capabilities as flexible and controllable loads.
The researchers concluded that this suggests that Bitcoin miners can play an important role in demand response, "thereby reinforcing the technical and economic stability of the network."
Some observers on X (Twitter) noted that the article's findings contrast the arguments presented by anti-crypto politicians who have blamed Bitcoin miners for high energy consumption and loads on networks.
In October 2022, Senator Warren and six other Democrats He pressed ERCOT for information. detailing how much electricity Bitcoin mining operations have consumed. He also previously attacked New York mining company Greenidge Generation, claiming at the time that a “crackdown on environmentally wasteful cryptocurrencies” would help combat the climate crisis.
Bitcoin mining pioneer Marshall Long tagged Senator Warren in a newspaper retweet, adding: "The people who RUN the networks say you're wrong."
Yeah @SenWarren where are you
The people who run the networks say you are wrong.
-Marshall Long (@OGBTC) November 27, 2023
The researchers concluded that Bitcoin's comprehensive impact on global energy demand and climate change "remains complex," but emerging data suggests that "its effects could be more nuanced than conventionally believed."
Related: Bitcoin miners seek alternative energy sources to reduce costs
An article recently published by Cornell University study demonstrated how wind and solar projects can benefit from Bitcoin mining during their pre-commercial development phases.
In July, Cointelegraph reported that Bitcoin mining was increasingly sustainable thanks to innovations such as hydrocooling farms and associated petroleum gas. Additionally, in September it was reported that Bitcoin's clean energy usage had increased. exceeded 50%.
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