Bitcoin mining, the process by which new bitcoins are created and transactions are added to Bitcoin’s public ledger, has been regrettably politicized, says Zach Bradford, CEO of CleanSpark. It is essential to look at the facts as they are and recognize that the very nature of bitcoin mining can be turned into an opportunity to revolutionize America’s energy landscape.
The 2021 heat wave is estimated to have resulted in billions of dollars in damages and several hundred deaths, and the aging infrastructure of our nation’s energy is dotted with recent instances of blackouts that have occurred because of natural calamities or demand peaks led by extreme temperatures. To reduce these losses, we need to build more generating capacity and upgrade existing infrastructure to realize a future where 100% of the power demand in the United States is met through clean, renewable, and zero-emission energy sources.
Thanks to bitcoin mining, the same entrepreneurial spirit that built our great nation is working to revolutionize our energy infrastructure while making it greener in the process. Entrepreneurs and inventors are drawn to the energy industry because of bitcoin mining, which creates lucrative opportunities for energy ventures. An increasing number of these companies mine using predominantly renewable sources of energy because that kind of energy is sustainable not only for the environment but also for business.
Bitcoin mining encourages new renewable energy projects by making otherwise unprofitable projects profitable, and can enable renewables to generate a higher percentage of grid power with no change in the cost of electricity. It can also help improve the efficiency and interconnectivity of the nation’s energy grid, and provide crucial flexibility to the energy grid by acting as demand response units.
In order to maximize the benefits of incorporating bitcoin mining into the energy grid, the development of more advanced smart grid technology becomes imperative, says Bradford. Integrating mining operations with smart grids can lead to more efficient energy usage, reduced transmission losses, and better load management.
Mr. President, leveraging the potential of bitcoin mining to accelerate the transition to a renewable-powered, efficient, and interconnected energy grid presents a remarkable opportunity for our nation’s energy future. By providing incentives that encourage miners to use renewable energy sources and invest in sustainable practices, we can create a win-win situation for both the environment and the economy.