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Bitcoin Mining May Help Stabilize Energy Grids, Not Drain Them
When there is unutilised renewable energy, it can be consumed up during low-demand in the bitcoin mine. This surplus wind and solar energy are used by miners. This assists in minimizing energy curtailment and wastes. On set generators can make money rather than reducing production value. They remain open and in anticipation of a peak demand. This aids the grids towards resilience in variable circumstances.
Renewables Face Intermittency, Mining Offers Flexibility
The wind and solar generation can be variable and surpasses the demand without warning. Such storage technologies as batteries are expensive and cannot be scaled up to a large number. Bitcoin miners are an elastic energy sink. They vary consumption in real time to supply that is out there. This balances grid demand and supply real time. Bitcoin mining can then enable the effective management of power.
Real-World Applications Show Promising Results
Surprise outage benefits the energy producers in terms of monetary interest. Excess capacity in generating excess electricity and sale to miners saves revenue. This is unlike wasted energy in the traditional models. Profit making production motivates generators to continue with their production. It guarantees peak supply. Generators remain in business with the help of mining.
Examples of countries that already utilize this use of Bitcoin mining are Texas, Iceland, and Norway. An example is that wind and solar volatility are absorption by miners. This enhances resilience or the performance of local grid. There is evidence that backs up flexible loads such as mining in-order to be stable. Bitcoin mining can perhaps be a scalable grid solution globally. Although there are advantages, critics risk warning that miner strain can happen under high demand. With improper operations, mining may strain grids. Reported in the Tesla Tribune is a complaint by Texas leaders. Miners and grid operators still need to coordinate.