How Bitcoin Mining Strengthens Electricity Grids
Bitcoin enables mining utilities to engage in agreements that are mutually beneficial to miners and the electricity grid.The House Hearing on Crypto’s Energy Use & Impact, held on January 20, 2022, was ultimately championed by a stellar defense of Bitcoin’s energy use by Brian Brooks, with an especially enlightening testimony from one John Belizaire, founder of Soluna Computing. Belizaire and Brooks both laid out real-world examples of how Bitcoin mining is being used today to provide not only flexible income for utility providers and energy generators, but also providing stability for....
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Bitcoin mining companies are working with electricity providers to find solutions for power that support mining and community access to electricity.
Since the modern economy has gone digital, it has come to require more electricity. Peter Kelly-Detwiler, co-founder of NorthBridge Energy Partners, LLC, a consulting firm that helps companies connect assets to power grids, examined the impact that expanding cryptocurrency is having on energy consumption in a recent Forbes article. He raises the possibility power supply could constrain bitcoin’s growth. Detwiler noted that while cryptocurrencies are ethereal, they depend on a very real support in electricity. He noted hundreds of megawatts of electricity are used to produce bitcoin,....
Assuming the Accenture smart plug would become a real product at some point, there are plenty of advantages for consumers. Removing the need to depend on one supplier or ecosystem is a major step forward towards achieving true decentralization of smart energy grids. Bitcoin can be used for various purposes, and mainstream media has been paying little attention to several advantages the digital currency brings to the table. A recent article on the BBC website talks about how Bitcoin can help cut electricity bills, as suggested by a new research report. This sounds quite odd, considering how....
Bitcoin strengthens the grid due to the incentivization of energy production. It supports the people who need electricity and miners as buyers of last resort.
South African Bitcoin startup Bankymoon has built the world's first blockchain smart metering solution for modern power and utility grids, VentureBurn reports. The startup outlined its plans in a presentation titled "Smart Grids and the Blockchain - Bitcoin's first killer App" at the recent Bitcoin Conference Africa in Cape Town, South Africa. Lorien Gamaroff, founder and CEO of Bankymoon, is expected to give another presentation on May 14 at the Bitcoin Conference in Prague. Modern "smart grids" permit efficient management of supply and demand, with Internet-connected "smart meters" that....