Bitcoin mining byproduct - heat - can help solve the energy crisis, finds Arcane research.
Arcane research points out that the Electric Reliability Council of Texas, to date, has only allowed bitcoin miners to participate in the most advanced demand response programs.
In addition to being flexible to grid demands, Bitcoin mining can also help solve issues related to gas flaring — the process of burning natural gas associated with oil extraction. Arcane highlights that by leveraging the agnosticism, modularity, and portability of Bitcoin rigs, miners can setup operations next to oil wells, reasoning that “Per $1,000 investment, a bitcoin mining system reduces emissions of 6.32 tons of CO2 equivalents per year, compared to 1.3 for wind and 0.98 for solar.”
Bitcoin mining can further help the energy industry by repurposing its byproduct — heat — to heat up homes, industries, and other applications during the coming winter. It is important to note that heating accounts for roughly 40% of the world's CO2 emissions. Repurposing heat from Bitcoin mining offers various advantages, including operational subsidies and lower heating costs.
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