Bitcoin mining is a “critical tool” for clean energy and balancing the grid, according to a new working paper authored by Bitcoin advocates and the former president of Texas power grid operator ERCOT.
November. twenty two Paper The article titled “Utilizing Bitcoin Miners as Flexible Load Resources to Improve Power System Stability and Efficiency” believes that the inherent interruptibility and fast load response capabilities of Bitcoin mining can enhance grid flexibility to better integrate renewable energy. Renewable energy.
Authors of the working paper include Castle Island Ventures partner Nic Carter, Satoshi Action Fund CEO Dennis Porter, scientific advisor Murray Rudd, former ERCOT (Electric Reliability Council of Texas) President and CEO Brad Jones (who recently passed away) and Executive Vice President Shaw Shaun Connell is director of power at Houston technology company Lancium.
Breaking News: New working paper co-authored by former ERCOT and NYISO CEO highlights #bitcoin Mining serves as a key tool for clean energy and balancing the grid. pic.twitter.com/86pXuQ1XxL
— Dennis Porter (@Dennis_Porter_) November 27, 2023
The paper provides a case study of Bitcoin miners participating in a demand response program and providing grid services in Texas, demonstrating their unique ability to flexibly control loads.
The researchers concluded that this showed that Bitcoin miners could play an important role in demand response “thus enhancing the technical and economic stability of the grid.”
Some observers on
In October 2022, Senator Warren and six other Democrats pressured ERCOT to provide information detailing how much electricity Bitcoin mining operations consume. She has also previously attacked New York mining company Greenidge Generation, claiming at the time that “cracking down on environmentally wasteful cryptocurrencies” would help combat the climate crisis.
Bitcoin mining pioneer Marshall Long tagged Senator Warren in a tweet retweeting the paper, adding “the people who run the grid say you’re wrong.”
yes @senwaren Where are you
The people running the grid say you’re wrong
— Marshall Long (@OGBTC) November 27, 2023
The researchers concluded that Bitcoin’s combined impact on global energy demand and climate change “remains complex,” but emerging data suggests “its effects may be more subtle than traditionally thought.”
related: Bitcoin miners seek alternative energy sources to reduce costs
Cornell University recently published study Shows how wind and solar energy projects can profit from Bitcoin mining in the pre-commercial development stage.
In July, Cointelegraph reported that Bitcoin mining was becoming more sustainable thanks to innovations such as water-cooled farms and related oil and gas. In addition, a report in September pointed out that Bitcoin’s clean energy usage rate has exceeded 50%.
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