Bitcoin Mining to Boost UK’s Renewable Energy Grid

  • Sergey Maga
  • 11 July, 2024 00:56
Bitcoin Mining to Boost UK’s Renewable Energy Grid

A UK-based Bitcoin organization is advocating for a Bitcoin mining strategy to support the new Labour government’s renewable energy goals. Bitcoin Policy UK suggests that Bitcoin mining, a major electricity consumer, can make renewable power supply robust and viable. The report highlights Bitcoin mining’s ability to provide an elastic demand for surplus renewable energy, setting a floor price and monetizing otherwise unused power, according to Cointelegraph.

Bitcoin mining could solve the UK’s energy security strategy’s viability issues without requiring government subsidies. It can also use stranded energy sources efficiently. Texas already uses Bitcoin mining as a flexible load, shutting off miners to balance grid demand.

Bitcoin Policy UK is promoting this strategy following the Labour government’s recent election win and announcement of a €7.3 billion National Wealth Fund for green industries. Freddie New, co-founder of Bitcoin Policy UK, emphasized the industry’s untapped potential for stabilizing and monetizing sustainable power grids, reducing methane and biogas emissions if co-located on farms or landfills.

New criticized the previous government for its poorly conceived crypto regulations, which hindered the UK from becoming a crypto hub. He hopes to work with the new government on policies that support Bitcoin holders and the broader crypto community, ensuring the energy sector benefits from innovative solutions like Bitcoin mining.

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