Square report: Bitcoin mining is "the key to a clean energy future."

Square report: Bitcoin mining is "the key to a clean energy future."


A joint research report published yesterday by payment giant Square and asset management company Ark Invest showed that Bitcoin mining farms and renewable energy facilities could help each other create a "rich and clean energy future." According to the white paper, several obstacles hinder the development of solar and wind energy facilities. One of them is the intermittent nature of the output because both depend on the time of day or weather conditions, and these times may not always coincide with peak energy consumption times. By "connecting" Bitcoin mining facilities to solar and wind power plants, developers can solve several problems in these two industries. Bitcoin mining can act as the "buyer of last resort," ready to consume any electricity at all times. This can enable the construction of more renewable energy plants (even if the grid is not yet ready) because the mining industry's profits can make up for the shortage of consumers. Therefore, combining Bitcoin with solar and wind energy facilities will help "green" the mining industry itself and enable developers to expand the total number of existing renewable energy plants beyond the current sustainable range.

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