It all began with a tweet from Dennis Porter, a podcast host, and self-proclaimed Bitcoin advocate, which triggered a heated argument about renewable energy and the role of Bitcoin miners. Porter said that Bitcoin (BTC) provides incentives for the development of renewable energy, while environmental scientist Peter Gleick criticized the assertion as a “self-serving hoax.”
Nic Carter, Castle Island Ventures’ general partner and Coin Metrics co-founder entered the discussion and chastised Gleick for apparently not understanding anything about energy.
According to economictimes, bitcoin mining has given the wind and solar installations the ability to absorb any excess supply that cannot be sold. Mining Bitcoin can offset any energy that would otherwise be lost if the generator stopped exporting to the grid or even shuts down. He went on to note that there is already a movement of miners connecting to wind farm networks to buy power during off-peak hours or when rates are high, as well as to give better access to homes during times of high demand. He encouraged his critics to respect the miners, who are currently deciding whether the infrastructure is economically viable.
Overall, this argument shows how much Bitcoin and energy use are misunderstood. The question of whether Bitcoin is a good use of unused energy has yet to be settled. An increasing number of researchers and climate change campaigners are interested in investigating the prospect that Bitcoin’s energy use might result in renewable energy benefits. Norway is one country that is leading the way for Bitcoin miners. According to a recent government assessment, Norway’s electrical mix is 100 percent renewable, providing miners with totally green and affordable electricity, particularly hydropower.