According to Arcane research, the operational flexibility of bitcoin (BTC) mining operations can be key to solving real-world problems in the energy sector.
One of the main concerns of the authorities regarding the adoption of bitcoin by the general public is related to its energy needs. While innovations in chipset manufacturing have helped reduce bitcoin mining operating costs, a report from Arcane reveals the market’s potential to transform the energy industry.
Due to the low cost of responsiveness, bitcoin mining complements the growth of wind and solar arrays, which often produce unstable and unregulated energy. Arcane research suggests that the “Electric Reliability Council of Texasso far only bitcoin miners have been allowed to participate in the highest demand response programs.
In addition to adapting to network demands, bitcoin mining can also help to solve problems related to gas flaring – the process of burning natural gas associated with oil extraction.
Arcane points out that by taking advantage of the neutral nature, modularity and portability of bitcoin mining rigs, miners can locate their operations near oil wells. The report states that “for an investment of $1,000, a bitcoin mining system reduces emissions by 6.32 tons of CO2 equivalent per year, compared to 1.3 for wind energy and 0.98 for solar energy”.
Bitcoin mining can also help the energy industry by reusing its by-product – heat – to heat homes, industries and other functions in the coming winter. It is important to note that warming accounts for approximately 40% of CO2 emissions worldwide.
Reusing heat from bitcoin mining offers several benefits, including operating subsidies and reduced heating costs.
Also read: US lawmakers go directly to four mining companies seeking information about their energy consumption
The importance of this research is that it comes at a time when the eurozone inflation reached 9.1% in the midst of the gas and energy crisis.
As Cointelegraph reported, energy prices are the biggest price pressure, rising 38.3% year over month.