Bitcoin Is A Green Energy Battery For Wasted Electricity
Bitcoin converts wasted energy into a different kind of battery for a more sustainable future. The battery of human time, effort and ingenuity: money.This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.In a prior article I discussed probability-based energy systems, how they can negatively impact the grid and how Bitcoin helps solve some of the problems associated with wind and solar power. In this article, I would like to address the most frustrating critique that I....
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For Bitcoin energy usage to increase to absorb more of the world's waste energy, its market cap would end up being $420 trillion, calculates Sjors Provoost. A new contributor to the Bitcoin (BTC) energy debate says that 1 BTC would have to cost $20 million to use 100 times its current energy demands.In a Twitter debate on July 18, Sjors Provoost, a Bitcoin developer and author of “Bitcoin: A Work in Progress,” cast doubt on the largest cryptocurrency’s future energy use.Bitcoin could survive on "waste energy breadcrumbs"How much energy Bitcoin uses to survive has become a topic of friction....
Green energy powers most of Bitcoin mining and the world might as well face it. And the rest of the cryptocurrencies that use Proof-Of-Work might be right behind, because they follow the same incentives. In their quest for cheaper energy sources, they all reach the same conclusion. Humanity is wasting renewable energy all over the world. And wasted energy is the cheapest of them all. In today’s story, a hydropower plant that had to pause operations for nine months found cryptocurrency mining and got the dream client they needed. Reuters gives us the prelude to the story: “The plant was....
A Kenyan bitcoin mining company, Gridless, recently revealed how it is helping local communities reduce electricity costs by using excess generated power to mine bitcoin. The Gridless model has been hailed because it potentially helps to decentralize bitcoin mining as well as move some hashpower to Africa.
Using Wasted Energy to Mine Bitcoin
Gridless, a Kenya-based crypto mining company, has said the excess electricity from mini-grid hydro generators is now being used to mine bitcoin. The revenue generated from bitcoin mining helps to reduce or subsidize the cost of....
Much has been said about Bitcoins carbon emissions. Far less has been said about the potential of blockchain to increase the efficiency of renewables by transparently managing supply and demand. Blockchain doesnt pose a threat to the planet its going to play an essential role in helping to bring about a net-zero carbon emission economy.It is a few years in the future: You are sitting on your sofa, having a nice coffee after loading the washing machine. Youve switched it on but, of course, the Internet of Things-enabled machine checks prices and will run when it hits a cheap electricity....
Bitcoin is not responsible for dirty energy — people are. But Elon Musk is now responsible for Dogecoin. Elon Musk is definitely interested in digital currency, but it seems that he doesn’t want to understand it. At least, I worry that he doesn't have a deep enough understanding of Bitcoin (BTC) and decentralized systems in general.A decentralized system has to be secure, and proof-of-work (PoW) is the solution for Bitcoin to secure its digital asset. The more successful Bitcoin is, the more energy is required for PoW to secure the network. In other words, the reason that Bitcoin uses up....