Balancing the electricity supply and demand is one of the biggest challenges for electricity suppliers today. They are improving grid efficiency with every passing day, and are using renewable energy sources to make the world a better place.
Contrary to the popular belief, Bitcoin mining can help stabilize the demand and supply of electricity and make the electricity grid more efficient and sustainable in the long run.
However, not everyone agrees with the same policy, as evident from Greenpeace’s recent campaign regarding the negative impact of Bitcoin mining on the environment.
Skull Of Satoshi Artwork
To raise awareness about the negative environmental impacts of Bitcoin mining, Greenpeace has recently partnered with Benjamin Von Wong, an activist, and artist to campaign against Bitcoin energy consumption.
Through its campaign, Greenpeace is advocating for a change in Bitcoin’s consensus mechanism. It is asking the stakeholders to change the consensus mechanism from PoW to PoS, which is more eco-friendly.
Greenpeace revealed their “Skull Of Satoshi” art piece recently as a part of their campaign. It is an 11-foot-tall skull featuring the Bitcoin logo and red laser eyes.
To further add to the aesthetic, the skull is made from recycled electronic waste. Smacking stacks on the skull symbolize the pollution caused by coal and fossil fuel emissions.
Does Bitcoin Mining Balance The Grid?
Although Bitcoin’s energy consumption is seen as a harmful process to the environment, it can help accelerate environmental protection efforts.
Whenever the demand for electricity skyrockets, it’s supply becomes thin, and causes the cost of electricity to increase during peak hours. This phenomenon also causes grid instability. On the other hand, a huge amount of electricity from renewable resources can get wasted during periods of low electricity demand.
Bitcoin mining can be used to solve this issue forever. Recent research done by ARK suggests that increasing the battery capacity of a solar setup and supporting Bitcoin mining can help the electricity distributor maintain a perfect balance between profitability and supply/ demand.
Based on great conditions at any given time, Bitcoin mining can be used as a flexible load to utilize the wasted energy when it’s not needed by consumers.
Miners can help by taking part in demand response programs. They can turn on their mining setups and utilize the excess energy when electricity demand is low.
This way, the Bitcoin mining setups can be used as a battery that stores energy in the form of digital currency. This process can accelerate renewable energy adoption around the globe by incentivizing large renewable energy setups.
So, with the help of a proper demand response system in Bitcoin mining, it can be used to benefit renewable energy setups.
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