A Bitcoin group in the UK is pushing the new Labour government to adopt a strategy around Bitcoin mining to address the rising local electricity demand issue.
Beyond preserving network security and integrity, BTC mining provides many possible applications, such as using GPUs to power massive gaming rigs and machine learning.
Bitcoin Policy UK, an organization based in the United Kingdom, is promoting the usage of BTC to assist renewable energy sources and sustainable grids.
Mining Bitcoins FTW
According to research by the group on July 10, the Bitcoin mining sector, which is a significant electricity consumer, may play a crucial role in ensuring that the erratic power supply from renewable networks is both “robust and viable.”
The paper states that one of the few, if not the only, technology offering a “completely elastic demand for spare renewable energy” is Bitcoin mining. According to the statement, this establishes a pricing “floor” and monetizes the energy supply that would otherwise be “curtailed at cost” or left idle.
It claimed that it could use all available stranded or wasted energy with no help or payments from the government.
“Bitcoin mining is the perfect technology to solve the issues we face in the viability of our energy ambitions, and it currently has zero large-scale penetration in the UK market.”
As a flexible load, Bitcoin mining is already operational in Texas. In response to grid demand, miners offer an interruptible load that can be instantly turned off and repowered when the demand subsides.
According to the paper, this might resolve the problem of the UK’s energy security policy targets’ commercial viability, giving renewable energy producers confidence that there would be a market for all the energy they produce and that their projects won’t go unused.
Fresh administration, fresh approach
Bitcoin Policy UK is pushing for this new approach in light of the July 4 UK elections.
After winning these elections, a new Labour government declared its intention to create a £7.3 billion (USD 9.3 billion) National Wealth Fund to assist green sectors.
The local cryptocurrency community demanded a more uniform cryptocurrency policy in reaction to the victory.
Co-founder and head of policy of Bitcoin Policy UK, Freddie New, said that the organization is utilizing this opportunity to push for laws that will “protect and preserve the rights” of the millions of British individuals who own Bitcoin.
The organization’s co-founder claims that despite having “high hopes,” the previous government could not convert the UK into a “crypto hub.”
“… during their tenure we saw businesses unable to open or operate here, owing to poorly conceived regulation, and a series of opportunities missed, particularly in terms of understanding how Bitcoin is not merely a financial instrument for speculation.”
He said that the BTC mining sector had “considerable” unrealized potential for co-locating on farms or next to landfills, which would lower methane and biogas emissions while stabilizing and monetizing sustainable power networks.
New expressed excitement about collaborating with the incoming administration on BTC-related regulations.