The flexibility behind running Bitcoin (
$84,171.00 ) (BTC) mining operations can be vital to solving the real-world problems that stand in the way of the energy industry, suggests Arcane research.
One of the biggest concerns authorities raise when it comes to Bitcoin ( $84,171.00 ) ’s mainstream adoption is its energy requirements. While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin ( $84,171.00 ) mining, a report from Arcane reveals the market’s potential to transform the energy industry.
Owing to low cost of reacting, Bitcoin ( $84,171.00 ) mining complements the growth of wind and solar grids, which often produce unstable and non-controllable energy. Arcane research points out that the Electric Reliability Council of Texas, to date, has only allowed Bitcoin ( $84,171.00 ) miners to participate in the most advanced demand response programs.
In addition to being flexible to grid demands, Bitcoin ( $84,171.00 ) mining can also help solve issues related to gas flaring — the process of burning natural gas associated with oil extraction.
Arcane highlights that by leveraging the agnosticism, modularity, and portability of Bitcoin ( $84,171.00 ) rigs, miners can setup operations next to oil wells, reasoning that “Per $1,000 investment, a Bitcoin ( $84,171.00 ) mining system reduces emissions of 6.32 tons of CO2 equivalents per year, compared to 1.3 for wind and 0.98 for solar.”
Bitcoin ( $84,171.00 ) mining can further help the energy industry by repurposing its byproduct — heat — to heat up homes, industries, and other applications during the coming winter. It is important to note that heating accounts for roughly 40% of the world’s CO2 emissions.
Repurposing heat from Bitcoin ( $84,171.00 ) mining offers various advantages, including operational subsidies and lower heating costs.
Related: US lawmakers appeal directly to 4 mining firms, requesting info on energy consumption
The importance of the above research comes at a time when Eurozone hit record inflation of 9.1% amid gas and energy crisis.
As Cointelegraph reported, energy prices made up the largest price push, up by an annual rate of 38.3% over the past month.
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