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New Bitcoin paper confirms BTC mining could boost renewable ener

Date:2024-04-08 18:32:39 Channel:Exchange Read:
A new Bitcoin paper confirms that BTC mining can promote the development of renewable energy. This view is like a fire, igniting the enthusiasm for discussion in the energy industry. As the world becomes increasingly vocal about environmental protection and sustainable development, renewable energy has attracted much attention. Could Bitcoin mining, as an energy-intensive activity, resonate wonderfully with renewable energy? This article will delve into this fascinating topic from multiple perspectives.
First, let’s start with the energy consumption of Bitcoin mining. Traditional Bitcoin mining relies on large amounts of electricity, which to a certain extent increases the demand for fossil energy and has a negative impact on the environment. However, a new study suggests that Bitcoin mining could actually be a booster of renewable energy. A report from the University of Texas in the United States pointed out that using renewable energy to support Bitcoin mining can not only reduce dependence on traditional energy, but also increase the utilization rate of renewable energy. This discovery opens up new possibilities for the marriage between Bitcoin mining and renewable energy.

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In practice, the Nordic countries have become a model for combining renewable energy with Bitcoin mining. Take Iceland, for example, which has abundant geothermal and hydropower resources and generates almost 100% of its electricity from renewable energy sources. Against this background, Iceland has become one of the global Bitcoin mining centers, attracting a large number of mining farms to settle there. These mines utilize Iceland's abundant renewable energy to provide computing power for the Bitcoin network while also effectively utilizing local clean energy resources, achieving a win-win situation.
In addition to geothermal and hydropower, solar energy is also being adopted by an increasing number of Bitcoin mining sites. As solar technology continues to mature and costs decrease, more and more miners are beginning to consider using solar power to support Bitcoin mining. For example, a Bitcoin mining farm in Yunnan, China, utilizes large-area solar panels to convert sunlight into electricity, providing a clean energy source for mining activities. This innovative energy combination not only makes Bitcoin mining more environmentally friendly, but also brings new ideas to the use of local renewable energy.
In addition, the combination of Bitcoin mining and renewable energy is also driving changes in the energy market. The centralized structure of the traditional energy supply chain is gradually being broken. In many places, individual miners participate in the Bitcoin network through renewable energy support, forming a distributed energy ecosystem. This decentralized development model not only improves the efficiency of energy utilization, but also promotes the diversification and sustainable development of the energy market.

Coin Circle (120BTC.COM) News: Bitcoin adopts the proof-of-work mechanism (Proof of
Work, PoW) has long been labeled as not environmentally friendly and increasing carbon emissions. As Bitcoin becomes more mainstream, many environmentalists are also concerned about the possible increase in energy demand.

However, a new research paper released on the 8th of this month, "Reexamining Bitcoin's Carbon Footprint, Proof-of-Work Mining for Renewable Energy Expansion," provides new perspectives for Bitcoin's redress. Satoshi Action
Fund founder Dennis Porter even tweeted today (10th): This paper has become one of the top 5 most viewed papers in this journal in the past 6 months within 24 hours, Altmetric
The score of 168 is quite high. The discourse will begin to change.

 **New paper: Bitcoin mining could play an important role in the energy transition**

The paper is written by Juan Ignacio Ibañez and Alexander
Written by Freier, they found that the current literature did not comprehensively examine the mining field, resulting in conflicting views, so they wanted to explore the flexibility and limitations of Bitcoin mining from a more comprehensive perspective.

The paper’s findings suggest that renewable energy mining could have a net decarbonizing effect on the energy grid, although key adjustments to mining practices will be needed to fully realize this potential. But overall, the paper recommends a re-evaluation of the environmental impact of Bitcoin mining and highlights Bitcoin as a potential catalyst for the expansion of renewable energy and wider decarbonization.

It is worth mentioning that the Altmetric of this paper before the deadline
AttentionScore received a high score of 243, which means it is quite popular in the community; and it ranks in the top 5% of all research results tracked by Altmetric.

Altmetric Attention
Score is used to track the relationship between an article and other research outputs, including data sets, news reports, bookmark tracking, etc. on social media. It can find this article based on the three main factors of author, source, and issue. The attention received is given a corresponding weight score.

 **KPMG: Bitcoin can stabilize energy networks and reduce greenhouse gas emissions**

Coincidentally, it was reported in early August that KPMG, one of the Big Four accounting firms, also released a Bitcoin EGS (Environmental, Social, and Corporate Governance) report, pointing out that the environmental pollution caused by mining was lower than public expectations, but instead stabilized energy networks and Bringing new possibilities in areas such as reducing greenhouse gas emissions.

At the same time, KPMG also proposed four feasible solutions to reduce the impact of Bitcoin mining on the environment:

  * Use renewable energy for mining activities

  * Reduce mining activity when energy is scarce

  * Recover heat energy generated by mining electricity

  * Mining by using energy obtained from burning methane (CH4) (this energy is usually directly wasted)

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