The dynamics behind running Bitcoin (BTC) mining operations could be critical to solving real-world problems standing in the way of the energy industry, Arcane research suggests.
One of the biggest concerns officials raise when it comes to mainstream adoption of Bitcoin is its energy needs. While innovations in chipset manufacturing have helped reduce the operating costs associated with Bitcoin mining, a report from Arcane shows that the market has the potential to transform the energy industry.
Due to the low cost of responding, Bitcoin mining complements the development of wind and solar grids, which often generate unstable and unregulated energy. According to Arcane’s research, the Electric Reliability Council of Texas has only allowed bitcoin miners to participate in the most advanced demand response programs to date.
In addition to being flexible to the needs of the grid, Bitcoin mining can help solve issues related to gas flaring – the process of burning natural gas associated with oil extraction.
Arcane emphasizes the agnosticism, modularity, and portability of Bitcoin tools that allow miners to set up operations near oil wells. 0.98 for wind and solar.”
Bitcoin mining will further help the energy industry by recycling its output – heat – to heat homes, industries and other applications this coming winter. It is important to note that heating accounts for 40% of the world’s carbon dioxide emissions.
Reclaiming the heat from bitcoin mining offers a variety of benefits, including operating subsidies and lower heating costs.
Related: American legislators will appeal directly to 4 mining companies by asking for information about energy consumption
The importance of the aforementioned study comes at a time when the Eurozone is hit by 9.1% inflation amid a gas and energy crisis.
Cointelegraph reports that energy prices have been the biggest bearer of inflation, posting a 38.3% year-over-year increase over the past month.