Bitcoin mining is the production of digital currency and the security of Blockchain networks. Nonetheless, its consequences are broader than those of preserving Blockchain’s honesty. The use of renewable electricity is on the rise, enhancing and facilitating the growth of sustainable grids.
Advocating for Renewable Energy
A UK-based advocacy group for Bitcoin BTC mining, Bitcoin Policy UK, is pushing for bespoke mining policies in order to strengthen and diversify the country’s renewable power infrastructure. An outlook prepared on 10th July strongly points out why mining Bitcoins is crucial in ensuring that renewable energy sources are both comprehensively reliable and sustainable.
The Economic and Environmental Benefits
The most important attribute of Bitcoin and the mining process is the ability to utilize what experts see as a ‘completely elastic demand for spare renewable energy’. Surprisingly, this is possible with the help of several activities taht do not need subsidies and government interventions.
“Bitcoin mining is the perfect technology to solve the problems we have when it comes to the feasibility of our energy plans and currently, has no present large-scale application in the UK market,” said the report.
The report compares it to Texas, where the Bitcoin mining process is in synchronization with the energy grid. Texas Bitcoin miners are providing a fast responding variable load to the grid. This includes seamless increase or downscaling if necessary. The possibility of instantly turning off and on the grid comes in handy and with reasonable energy consumption.
Addressing the UK’s Energy Security Strategy
According to Bitcoin Policy UK, adopting Bitcoin mining will address important issues. questions regarding the UK’s energy security strategy aims and objectives. As for the fact that miners consume the output of renewable energy facilities, the latter can never be overbuilt or fail commercially.
A New Government, A New Strategy
The timing for this move could not be any better. Following the July 4th UK General Elections, which gave way to a new Labour government, green energy is now a topic of discussion. The new government set aside £ 6.1 billion for financing of green industries.
The co-founder of Bitcoin Policy UK and the Head of Policy, Freddie New, believes it is a perfect time to start lobbying for specific rights for millions of Brits who own Bitcoin. The previous government aimed at making the UK a ‘crypto hub’ but failed. New explained that businesses have been unable to operate freely in the country due to regressive regulations.
The Untapped Potential
Bitcoin mining has tremendous unrealised potential to incentivise and mainstream relevant and resilient clean electricity systems. It could be useful to mitigate methane and biogas emissions when the liquid fertiliser is produced near landfills.
Bitcoin Policy UK is hoping to partner with the new government to influence favourable Bitcoin policies. This will impact the economy positively and, at the same time, be environmentally sensitive. The vision of a sustainable and financially fruitful renewable energy grid is much nearer than it seems.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used for legal, tax, investment or financial advice.
