Pairing cryptocurrency mining -- notable for its outsize consumption of carbon-based fuel -- with green hydrogen could provide the foundation for wider deployment of renewable energy, such as solar and wind power, according to a new study.
Pairing cryptocurrency mining -- notable for its outsize consumption of carbon-based fuel -- with green hydrogen could provide the foundation for wider deployment of renewable energy, such as solar and wind power, according to a new Cornell University study.
"Building a green hydrogen infrastructure to help produce cryptocurrency can accelerate renewable energy and create a more sustainable energy landscape," Lal said. Preliminary estimates by the U.S. Energy Information Administration suggest that 2023 annual electricity consumption for cryptocurrency mining likely represents from 0.6% to 2.3% of all U.S. electricity consumption.
Supporting cryptocurrency can hasten the building of extra energy infrastructure and potentially create 78.4 megawatt hours of solar power for each Bitcoin mined in New Mexico, for example, and potentially 265.8 megawatt hours of wind power for each Bitcoin mined in Wyoming, according to the paper. "Coupled with green hydrogen, this approach to cryptocurrency not only mitigates its own environmental impact, but pioneers a sustainable path for renewable energy transition," You said."It's a novel strategy."
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