Reusing Bitcoin Mining Heat Can Solve Global Energy Crisis: Arcane

As innovations in chipset manufacturing have helped reduce the operational costs of bitcoin mining, a report from Arcane reveals the potential of the market to transform the energy industry.

Flexibility behind the management of Bitcoin (BTC) mining operations can be key to solving real-world problems that plague the energy industry, suggests Arcane Research.

One of the authorities' biggest concerns about Bitcoin's widespread adoption is its energy needs. While innovations in chipset manufacturing have helped reduce the operational costs of Bitcoin mining, a report from Arcane reveals the market's potential to transform the energy industry.

Due to low cost reacting, Bitcoin mining complements the growth of wind and solar arrays, which often produce unstable and uncontrollable energy. 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.

Besides being flexible to network demands, bitcoin mining can also help solve problems associated with 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 set up operations next to oil wells, believing that "for a $1,000 investment, a bitcoin mining system reduces emissions 6.32 tonnes of CO2 equivalent per year, compared to 1.3 for wind and 0.98 for solar.”

Bitcoin mining can further assist the energy industry by reusing its by-product - heat - to heat homes, industries and other applications over the coming winter. It is important to note that ...