A UK-based Bitcoin organization is urging the new Labour government to adopt a Bitcoin mining strategy to address the growing local electricity demand.
Bitcoin mining, which traditionally maintains network security and integrity, has potential uses beyond this, such as powering machine learning and large gaming setups.
One UK organization, Bitcoin Policy UK, is promoting the idea that Bitcoin mining could support sustainable grids and renewable electricity generation.
Bitcoin Mining for Sustainable Energy
A report released by Bitcoin Policy UK on July 10 suggests that the Bitcoin mining industry, which consumes significant amounts of electricity, could help make the intermittent supply of power from renewable grids both “robust and viable.”
The report highlights that Bitcoin mining could provide a “completely elastic demand for spare renewable energy,” setting a “floor” price and monetizing energy that would otherwise go unused or be “curtailed at cost.”
The organization argues that this strategy could require no subsidies or payments from the government while using any available stranded or wasted energy.
“Bitcoin mining is the perfect technology to solve the issues we face in the viability of our energy ambitions, and it currently has zero large-scale penetration in the UK market,” the report states.
In Texas, Bitcoin mining is already used as a flexible load. Miners can provide an interruptible load that can be shut off instantly to respond to grid demand and repowered once the demand decreases.
Summary Review: Adopting Bitcoin mining as a flexible, demand-responsive technology could help the UK achieve its renewable energy goals without requiring government subsidies, making it a promising solution for sustainable energy management.
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