The flexibility behind running Bitcoin (BTC) mining operations can be vital to solving real-world problems that plague the energy industry, Arcane research suggests.
One of the main concerns raised by authorities regarding Bitcoin’s widespread adoption is its energy needs. While innovations in chipset manufacturing have helped reduce the operational costs of Bitcoin mining, a report d’Arcane reveals the potential of the market to transform the energy industry.
Due to the low reaction cost, Bitcoin mining complements the growth of wind and solar arrays, which often produce unstable and uncontrollable energy. Arcane research points out that the Electric Reliability Council of Texas, to date, has only allowed bitcoin miners to participate in the most advanced demand response programs.
In addition to being flexible to network demands, Bitcoin mining can also help solve issues related to gas flaring – the process of burning natural gas associated with oil extraction.
Arcane points out that by taking advantage of the agnosticism, modularity and portability of Bitcoin platforms, miners can set up operations alongside oil wells, believing that “for an investment of $1,000 , a bitcoin mining system reduces emissions by 6.32 tons of CO2 equivalent per year, compared to 1.3”. for wind and 0.98 for solar.
Bitcoin mining can further help the energy industry by reallocating its by-product – heat – to heat homes, industries, and other applications over the coming winter. It is important to note that heating accounts for around 40% of global CO2 emissions.
Reusing heat from Bitcoin mining offers various benefits, including operational subsidies and reduced heating costs.
The significance of the above research comes at a time when Eurozone hits record inflation of 9.1% amid gas and energy crisis.
As Cointelegraph reported, energy prices were the biggest price push, rising at an annual rate of 38.3% over the past month.