Arcane Research – a digital asset analytics firm – has published a report examining the Bitcoin mining and energy correlation around the world.
This article argues that The mining industry can transform global energy production for the better. This is contrary to the saying we often hear that Bitcoin mining is a danger to society and the environment.
reportatThe publication identifies four ways that mining can improve the energy system in a desired way.
The first is stability: miners can act as buyers of uncontrollable energy sources such as wind and solar. This is due to the constant demand for electricity by the mining mines. and low cost in response to supply shocks occurring at all levels.
Mining reactions also allow the industry to recover energy when demand is too high.workin July to help protect during heatwaves. as part of a statewide demand response program.
Such a reaction will be especially important in the years to come as the world is increasingly shifting from fossil fuels to renewable energy. the exact size required for excess energy consumption,” the report explains.
Gas and heat recycling
Mining not only supports renewable energy. But it also makes oil drilling a cleaner and more efficient process.
As oil drilling often produces uncontrolled natural gas consumption, oil producers are forced to burn gas. without economic benefit and causing environmental pollution in the process
on the contrary If oil producers choose to use natural gas in their mining operations They were able to make profits and reduce their greenhouse gas emissions. Again, mining is particularly suited to this function.
Bitcoin mining in oil fields It is growing rapidly especially in the US and Canada in recent years, with Exxon – a major multinational oil and gas company – planning to use Bitcoin mining for this purpose.
The main motivation in the oil industry appears to be reducing emissions. Data from Crusoe energy shows that This is the most economical way to reduce emissions. which is 4 times more efficient than investment in wind energy and 6 times more efficient than investment in solar power
And another opportunity to recycle the economic resources of Bitcoin mining is to recycle heat to heat the area. while reducing heating costs with Bitcoin miners.
In addition, if those miners are powered by renewable energy sources The industry can also effectively reduce heat-related carbon emissions. which is the single largest source of CO2 emissions in the world
“Reusing heat from bitcoin mining It offsets the energy used by the bitcoin mining industry because it beats other miners that do not recycle heat.”