Bitcoin is notoriously climate-hostile. What Jack Dorsey’s other company wonders is: What if it’s not?
AdvertisementThe Square memo’s basic argument is that Bitcoin mining could actually help incentivize more production of renewable energy, as opposed to fossil fuels. Solar and wind may be desirable for their cheapness and greenness, but their sources are erratic , and there isn’t enough storage capacity for when these sources generate excess energy .
Let’s start with the primary issue this paper purports to solve: that solar and wind farms, being “intermittent” sources of energy, don’t always produce the amount of power that energy customers want, particularly during peak-demand hours. It is certainly true that the consistency of solar and wind depends on your area’s climate. But there have been strides in both technologies that are already helping solve this problem without Bitcoin’s help.
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