A recent Arcane research report indicates that Bitcoin mining has the potential to revolutionize the energy industry.
According to the report, Bitcoin’s mining operations hold currently underutilized potential.
The report continued that Bitcoin mining can solve real-world problems in the energy sector, considering that one of the main problems hindering the asset’s mass adoption is concerns about its energy use.
Bitcoin mining can work together with wind and solar grids, which can sometimes generate unstable and uncontrollable energy, due to the low cost of reaction.
The research found that the Texas Electric Reliability Council already uses Bitcoin miners to participate only in high-demand response programs to “strengthen a vulnerable solar and wind power grid.”
The report also identified that Bitcoin mining could play a role in ending gas flaring problems. This may be possible by modifying Bitcoin mining rigs to operate and operate near oil wells.
Research suggests that miners can start their operations near an oil well adding that a $ 1,000 investment in a Bitcoin mining system can reduce up to 6.32 tons of carbon dioxide per year. The estimate is higher than that of wind and solar energy which is cumulatively about 3 tons.
The heat of bitcoin mining can heat homes
The report noted that miners can reuse Bitcoin mining heat for other projects.
According to the report, the heat can be used to heat homes, offices, etc. during the winter, depending on its applications.
In this way, the operating costs of heating homes and other infrastructure during winters can be significantly reduced.
The research comes at a time when inflation in Europe has surpassed 9%. The surge in inflation has contributed to the increase in energy costs which have risen by more than 38% in the past 30 days.
With this in mind, Arcane Research wrote that “Bitcoin mining can strengthen power grids, improve renewable energy economics, mitigate natural gas flaring, and reduce heating costs by reusing heat.”
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