Bitcoin Mining Emerges as Potential Power Source for UK
Bitcoin Policy UK urges the new government to leverage Bitcoin mining to bolster the UK’s renewable energy infrastructure.
A UK crypto group suggests that Bitcoin mining should increase renewable energy.
A UK-based cryptocurrency advocacy group called Bitcoin Policy UK has pushed the incoming government to consider using Bitcoin mining to support the nation’s renewable energy infrastructure.
To validate transactions and create new bitcoins, miners must solve challenging mathematical puzzles. According to a KPMG analysis, Bitcoin mining uses underutilized renewable energy sources and stabilizes electricity networks.
Pablo Vegas, the CEO of the Electricity Reliability Council of Texas (ERCOT), recently proposed that Bitcoin miners can contribute to improving the stability of the state’s grid. It is noteworthy that his viewpoint and this one are comparable.
The paper published by Bitcoin Policy UK emphasized the necessity for the UK’s electrical infrastructure to adjust to the growing demand and unpredictability brought on by electrification and renewable energy generation.
It said:
“Bitcoin mining is the only technology which provides a completely
elastic demand for spare renewable energy, setting a ‘floor’ price
and monetising supply that would otherwise be un-utilised or even
curtailed at cost.”
The researchers said that demand-side response (DSR) with millisecond response times may be provided by Bitcoin mining, which can also increase the competitiveness of renewable energy.
Moreover, the group asserts that government payments or subsidies are unnecessary for Bitcoin mining. Instead, using stranded energy to reduce unit prices would increase the UK’s share of the green energy supply.
The research also contends that implementing mining will strengthen business arguments, guarantee income, and boost green energy. Enhancing grid resilience will also allow for a healthy overbuild of renewable energy sources.
The study additionally stated:
“It solves the problem of the commercial viability of the UK’s Energy Security Strategy targets, as renewable energy providers can be assured there is a buyer for all the energy they produce, and their projects will not suffer from lack of utilisation.”
Additionally, this project may lower energy costs and provide revenue for the UK government from the energy use of miners.
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