NIX Prix

Arcane research publishes excellent report on how Bitcoin mining can transform energy industry by strengthening grids, improving economics of renewable transition, flare mitigation and by repurposing heat from mining

<!-- SC_OFF --><div class="md"><p><a href="https://arcane.no/research/reports/how-bitcoin-mining-can-transform-the-energy-industry">https://arcane.no/research/reports/how-bitcoin-mining-can-transform-the-energy-industry</a></p> <p>I've been repurposing heat in my home for 3 years from my whatsminer m30s+</p> <p>As someone who worked in the energy industry, whenever I see people talk about energy consumption without even surface level understanding about the dynamics of energy production, cost and incentives, it just makes me cringe.</p> <p>There's quite simply no better incentive, no better cost subsidy, there's no better tool for flare mitigation. Every energy producer will become a Bitcoin miner. It's just common sense.</p> <p>Bitcoin will fix our grids and it will fix the environment by directly incentivizing energy transition. It's our most potent weapon against climate change. Eyewash incentives like carbon credits don't combat emissions at all. All they do is outsource emissions. They're pointless.</p> <p>Few understand the highly complex and dynamic symbiotic relationship between energy production and Bitcoin mining. But the industry is catching up fast in the last 6 months.</p> <p>First of all Bitcoin miners don't emit any carbon. They intake energy and produce heat. The energy source needs to be addressed elsewhere. For on the grid operations, that's the local grid.</p> <p>So how can we make it cost efficient for renewable mix to be higher at the grid level? We need a way to make renewable energy production cheaper. Well, enter Bitcoin. This can be best explained with an example.</p> <p>Mechanicville hydro plant in New York is the oldest hydroelectric plant in the US. It was on the verge of shutting down and then they started mining bitcoin on the side with old ASICs to subsidize cost of energy production. Now it's once again economically viable because instead of curtailment, they're actually monetizing energy surplus.</p> <p><a href="https://www.timesunion.com/news/article/Mechanicville-hydro-plant-gets-new-life-16299115.php#photo-21206639">Mechanicville hydro plant gets new life. Some of the energy is now mining bitcoin</a></p> <p>When you're an hydro, wind, solar energy producer curtailing generation down to 10% like in places such as Germany because they decided to nix both coal and nuclear simultaneously and depend fully on Russian energy, ANY revenue for your stranded energy is a huge boon as a natural cost subsidy to keep your operations viable.</p> <p>Now let's talk about methane. Methane is the most devastating GHG, more than 80 times the warming effect of CO2. Put simply, if we don't address methane, it doesn't matter what we do. We're wasting our time.</p> <p>In the US alone, there are 1404 landfills without any methane capture or flaring infrastructure.</p> <p><a href="https://www.edf.org/climate/methane-crucial-opportunity-climate-fight#:%7E:text=Methane%20has%20more%20than%2080,by%20methane%20from%20human%20actions">https://www.edf.org/climate/methane-crucial-opportunity-climate-fight#:~:text=Methane%20has%20more%20than%2080,by%20methane%20from%20human%20actions</a></p> <p>130.5 × 1.5MW units deployed mitigating vented methane emissions makes Bitcoin carbon neutral. Expected timeline end of 2024. <strong>From 131 on Bitcoin will be carbon negative.</strong></p> <p>Exxon was ranked in the sustainability index but Tesla wasn't? How come? Exxon mining bitcoin with flared gas to slash emissions.</p> <p><a href="https://www.cnbc.com/2022/03/26/exxon-mining-bitcoin-with-crusoe-energy-in-north-dakota-bakken-region.html">Exxon is mining bitcoin in North Dakota as part of its plan to slash emissions</a></p> <p>Look into what Vespene energy is doing with landfills and Crusoe energy's $850 million raise from two funding rounds this year to install flare mitigation (to reduce methane emissions by 98%) in oil fields across 8 countries including middle east, Russia and Australia. Abu Dhabi and Oman sovereign wealth funds are investors in the most recent $350 million funding round in June.</p> <p><a href="https://theparadise.ng/landfill-gas-mitigation-firm-vespene-energy-secures-4-3m-to-bolster-gas-to-bitcoin-solutions/">https://theparadise.ng/landfill-gas-mitigation-firm-vespene-energy-secures-4-3m-to-bolster-gas-to-bitcoin-solutions/</a></p> <p><a href="https://www.axios.com/2022/04/22/crusoe-raises-350-million-for-flared-gas-bitcoin-mining">https://www.axios.com/2022/04/22/crusoe-raises-350-million-for-flared-gas-bitcoin-mining</a></p> <p><a href="https://www.coindesk.com/business/2022/06/03/middle-east-oil-producers-move-into-bitcoin-mining-with-crusoe-energy-stakes/">https://www.coindesk.com/business/2022/06/03/middle-east-oil-producers-move-into-bitcoin-mining-with-crusoe-energy-stakes/</a></p> <p>Grid stabilization, naturally subsidizing cost and incentivizing research, development and upkeep of renewable energy production and on site methane capture for energy companies to meet sustainability standards are just a few obvious benefits of 'energy currency' as envisioned by Ford 100 years ago.</p> </div><!-- SC_ON -->   submitted by   <a href="https://www.reddit.com/user/KAX1107"> /u/KAX1107 </a> <br/> <span><a href="https://www.reddit.com/r/Bitcoin/comments/x5hydq/arcane_research_publishes_excellent_report_on_how/">[link]</a></span>   <span><a href="https://www.reddit.com/r/Bitcoin/comments/x5hydq/arcane_research_publishes_excellent_report_on_how/">[comments]</a></span>