A new study suggests bitcoin mining could actually help drive the transition to renewable energy sources. Researchers Juan Ignacio Ibañez and Alexander Freier make the case that Bitcoin miners’ demand for cheap electricity provides incentives for increased renewable energy production. However, for mining to play this decarbonizing role, the industry needs to adapt.
Researchers Reveal Bitcoin Mining Could be a Potential Catalyst for Renewable Energy Growth
The energy-intensive proof-of-work (PoW) process that underpins Bitcoin has faced criticism for high electricity use and carbon emissions. However, Ibañez and Freier’s research analysis indicates the network’s thirst for inexpensive energy may attract miners to renewable sources like solar and wind. This additional revenue stream could aid renewables’ profitability and incentivize capacity expansion.
“There are reasons to view Bitcoin for decarbonization in a positive light: not only does it need minimal policy support to
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