Can Crypto Go Green?

Green energy is wasted if it is not used when it is generated. There are batteries that can store renewable energy when the sun is not shining or the wind is not blowing Holy Chalice of energy industry. For now, these do not exist at the required scale. But some see that bitcoin can act as another kind of “battery”. It can store the value of renewable energy by converting temporarily available local solar and wind power into a globally traded digital asset with unlimited shelf life.

Another way that bitcoin mining could be made more sustainable, some argue, is to use “trapped” or wasted energy, for example by capturing the power of flare gas on oil patches. mint digital money.

Can crypto mining be made sustainable?

Prager: When you have an electrical grid, you want the grid to be as sustainable as possible. are more renewable. These are intermittent energy supply options – hydro, solar and wind, all of which are great, which we will source for our mining capacity. You want a load that is stable enough to hold the grid strong. You have this load that is bitcoin mining all the time, but that load can be taken away. In case of shortage of supply, it can be closed within 200 hours in a year. So it’s good for the grid. It’s good for everyone.

Does the metaphor of bitcoin as a battery make sense?

Breitman: A one-way battery is not a battery. There is bitcoin mining in Texas. There was trouble and people were shivering. Why couldn’t they use the energy stored in that bitcoin battery? It’s not a battery.

How else can bitcoin help with wasted energy?

Prager: At the end of the day, there is a huge amount of electricity in our country that is simply stuck or wasted. Then again, reference. You need a spinning stock here. If everyone wants stability, you need flexible baseload facilities to be able to develop a grid, and I certainly do. That’s what zero carbon emission bitcoin mining does.

Does using the extra energy to mine crypto make it more sustainable?

De Vries: Bitcoin uses a lot of energy, but if it’s energy use that would otherwise be wasted then it’s not really a problem. And that’s a lot of the so-called stranded assets. But in many cases those assets are in the form of fossil fuels. China recently banned bitcoin mining because these bitcoin miners were ultimately responsible for the revival of coal mines. We are seeing similar examples in the US and New York, where a gas plant was revived from bitcoin mining.

An often overlooked factor in the environmental cost of crypto is mining hardware, which quickly becomes obsolete and generates toxic electronic waste.

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