Bitcoin mining could be the saving grace for the U.K.'s renewable energy grid and address electricity demand, according to a new paper from the organization Bitcoin Policy UK.
A UK-based Bitcoin organization is advocating to the new Labour government to implement a Bitcoin mining-based strategy to combat a growing problem of local electricity demand.
According to the report, Bitcoin mining stands to be one of the few, if only, technologies that provide a “completely elastic demand for spare renewable energy.” It said this sets a “floor” price and monetizes the supply of energy that would otherwise go unutilized or even “curtailed at cost.” In Texas, Bitcoin mining is already in play as a flexible load. Miners provide an interruptible load which can be instantaneously shut off to respond to grid demand and repower after the demand dissipates.The report said this could solve the issue of the commercial viability of the UK’s energy security strategy targets, providing assurance for renewable energy providers that there is a buyer for all the energy they produce and their projects wouldn’t go underutilized.
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