Arcane's expedition for repurposing Bitcoin mining heat can solve the global energy crisis
Bitcoin mining responds to fluctuations in the supply of renewable energy
By Shashank Bhardwaj
Image: Alan Freed/ Reuters
According to Arcane, recycling the heat generated by producing bitcoins makes it possible to develop wind and solar facilities using a new efficient energy production infrastructure.
According to new research from Arcane, bitcoin mining's peak electricity demands could be used to power wind and solar systems, resulting in a net surplus of energy. This is because Bitcoin mining responds to fluctuations in renewable energy supply. By recycling the heat generated by the process of producing bitcoins, it is possible to develop wind and solar facilities using a new method of energy production, which will be less expensive for users.
A new study discovered that the Electric Reliability Council of Texas has only now allowed bitcoin miners to take part in the most sophisticated demand response systems. Bitcoin mining can assist in resolving problems with gas flaring, the process of burning natural gas involved with oil extraction, and being adaptable to grid demands. They cannot efficiently operate independently of the grid. Bitcoin mining, however, can be customized to split off surplus energy and feed it into the local grid or store it for later use.
Arcane believes there's a better way to reap the benefits of bitcoin mining without the carbon emissions. By partnering with oil companies, miners can use the heat as a byproduct of mining to heat buildings and other uses during winter.
This new technology will allow for the implementation of bitcoin mining systems next to oil wells and other areas. The systems are portable, modular, and can be used nearly anywhere in the world. These systems are currently used to create currency, which is beneficial but produces heat in large quantities. This heat can now be utilized to warm homes and buildings through heat exchange.
If done correctly, Bitcoin mining can be used to solve the global energy crisis. After just one year, mining Bitcoin for heat can help decrease CO2 emissions by 6.3 tonnes annually. This compares favorably to traditional heating, which produces around 40 percent of the world's carbon emissions. These savings can eventually lead to a significant decrease in energy consumption worldwide and thus significantly reducing global greenhouse gas emissions.
At a time of rising energy prices, this unique infrastructure of handling energy can also benefit our future generations. The excess heat from Bitcoin mining can save you money on your energy bill and reduce pollution. According to recent statistics, the price of usable energy is increasing by around 38.3 percent yearly.
The market for Bitcoin mining is a $6.3 billion industry, but the miners are paying over $1 million per day in energy costs. While advancements in manufacturing have helped curb energy expenditure costs, these recent innovations have brought a whole new way of thinking to this debate.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash