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Twitter Jack just said Bitcoin ‘incentivizes renewable energy.’ Not sure what he means, but I’ll take it.

Twitter Jack just said Bitcoin ‘incentivizes renewable energy.’ Not sure what he means, but I’ll take it.



View Reddit by chrisnsalemView Source

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  1. The wind can blow any time day or night. Demand for energy at night is much lower than during the day so energy available at night can be lost if it cannot be stored. This may make installing the wind turbine uneconomical.

    Mining coins uses a steady stream of energy 24 hours a day, miners will buy the overnight energy when nobody else will, this can now make the wind turbine economical.

  2. I assume that he means that BTC consumes so much electricity, that people are using renewable energy to save costs.

    Obviously it would be much better if it didn’t use that much energy to start with.

  3. It absolutely does.

    The nature of BTC mining financially incentives miners to find the cheapest electricity sources; which long-term are renewable, hence the massive investment into renewables from the BTC mining industry.

    The FUD you’re hearing about environmental concerns for mining is not sustainable long-term, as renewables get cheaper than environmentally harmful coal use.

  4. The way he said this sounds completely idiotic, but I think I got what he wanted to mean:

    He might refer that renewable energy can be used to mine BTC and other crypto (not benefiting the source of energy itself, but being a cleaner option) thus healthier for the planet than mining gold, silver or whatever is needed to get the physical cash.

    Still, all whatever is needed to mine some BTC is completely toxic to the environment because of the pollution it causes to get the the materials.

  5. BTC mining uses a lot of energy so really it just incentivizes energy generation in general, so it incentivizes whatever happens to be most efficient. If that’s coal, then BTC incentivizes coal mining, and if that’s renewables then it’s encouraging more renewable development. China right now subsidizes coal power, so Bitcoin mining there adds to the support for that industry in addition to supporting more environmentally friendly energy in other areas.

  6. Hope the Chinese miners using coal got the memo.

    Bitcoin mining will be done with the cheapest energy available. If the cheapest energy source in an area is using fossil fuels, miners will use that.

  7. I was reading up on this idea last week. Basically if you put solar panels on your house when you are producing more electricity than your house needs the extra is sent to the electric company for almost nothing, like .03 Kwh. Since mining uses so much electricity if you can produce a lot of extra electricity you can make your own small mining farm to offset the initial costs of all the solar equipment and then to profit more after it is completely paid off.

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