According to the researchers, the problem of different renewable production and the need for electricity can be minimized by building an ecosystem.”where solar/wind, battery and Bitcoin mining coexist to form a green grid running almost entirely on renewable energy.”

“This is not only doable, but it can be done without jeopardizing industry profitability.”

The article describes the Bitcoin mining sector as “ultimate energy buyer“possibly anywhere in the world.

Although solar and wind power cost between about half and a third of fossil fuels per kilowatt hour, the paper asserts the geographic limitations of renewable energy plans often lead to provide energy”abundant or non-existent“.

“The end result is electricity that is significantly more than society needs for several hours a day, and not nearly enough when demand spikes.

In a white paper published on Wednesday, Mr Dorsey’s payments company Square and cryptocurrency investor Ark Invest argued that Bitcoin miners are the “key” to increasing the world’s renewable energy capacity by making solar and wind power more lucrative.

Mr Dorsey retweeted the paper with the comment “Bitcoin incentivises renewable energy”, to which Mr Musk replied: “True.” Ark’s chief executive Cathie Wood said the research “debunk[s] the myth that Bitcoin mining is damaging the environment”.

But academics and analysts specialising in renewable power questioned those claims, warning that they relied on dubious assumptions or cautioning that many other technologies could achieve the same goal.

Lucas Davis, a senior professor at Berkeley’s Haas School of Business who studies energy markets, told the Telegraph: “This article vastly overstates the role of Bitcoin…

By combining Bitcoin mining with renewable energy storage, the paper argues that the limitations of batteries and energy drain can be offset by transferring excess electricity to mining farms. If miners could harness only 20% of the wind and solar energy lagging on the US power grid, BCEI estimates that global mining capacity could triple.

The mobilization of miners as a last resort electricity buyer will also boost the profitability of the renewable energy sector, giving producers the opportunity to “gap the price of electricity and the price of Bitcoin.” “.

The paper also asserts that the costs associated with the expansion of renewable energy will decrease rapidly.

“The Bitcoin and energy markets are converging and we believe that today’s energy asset holders can become tomorrow’s miners.”

Alright, I’m just gonna come out and say it.

Elon musk jack dorsey argue renewable energy

Jack Dorsey, the co-founder and CEO of Twitter, tweeted Wednesday that bitcoin ‘incentivises renewable energy.’ And Elon Musk responded ‘True.’

The BBC adds that the tweets came ‘despite experts warning otherwise.’

The cyrptocurrency’s carbon footprint is as large as some of the world’s biggest cities, studies suggest. But Mr Dorsey claims that could change if bitcoin miners worked hand-in-hand with renewable energy firms.

One expert said it was a ‘cynical attempt to greenwash’ bitcoin. China, where more than two-thirds of power is from coal, accounts for more than 75% of bitcoin mining around the world…

The tweet comes soon after the release of a White Paper from Mr Dorsey’s digital payment services firm Square, and global asset management business ARK Invest.

Square and Investment manager Ark Invest asserts that Bitcoin mining can increase efficiency in renewable energy production.

The author of “Bitcoin Clean Energy Initiative” or BCEI, seeking to refute the claim that “the computation required to secure Bitcoin […] are damaging the environment and destroying the planet“argued that Bitcoin mining encourages electricity generation “from carbon-free renewable sources.”

The article has received support from leading crypto companies including Jack Dorsey’s Square, Elon Musk’s Tesla, and Cathie Wood’s Ark Invest.

True

— Elon Musk (@elonmusk) April 22, 2021

In an April 22 tweet, Square argued that while solar and wind power can produce cheaper energy than fossil fuels, these renewable sources often create an oversupply when demand increases.

Entitled ‘Bitcoin as key to an abundant, clean energy future’, the paper argues that ‘bitcoin miners are unique energy buyers’, because they offer flexibility, pay in a cryptocurrency, and can be based anywhere with an internet connection. ‘By combining miners with renewables and storage projects, we believe it could improve the returns for project investors and developers, moving more solar and wind projects into profitable territory,’ it said.

Author and bitcoin critic David Gerard described the paper as a ‘cynical exercise in bitcoin greenwashing’.

‘The reality is: bitcoin runs on coal,’ he told the BBC….

That’s not exactly true.What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

A trio of Jack Dorsey, Cathie Wood and Elon Musk are promoting the idea that Bitcoin mining can be good for the planet actually. That’s not exactly true.

Square says Bitcoin is key to green energy, contradicts Ripple co

Led by founder and CEO Jack Dorsey, Square says Bitcoin’s future is in green energy. And Tesla CEO Elon Musk agrees with this view.

Square says Bitcoin is key to green energy, contradicts Ripple co

Led by founder and CEO Jack Dorsey, Square says Bitcoin’s future is in green energy.

But their opinions are not shared with those more cynical about the cryptocurrency’s impact.Jack Dorsey and Elon Musk agree on bitcoin’s green credentials

But their opinions are not shared with those more cynical about the cryptocurrency’s impact.

What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

Jack Dorsey, Cathie Wood and Elon Musk are promoting idea that Bitcoin mining can be good for planet—but that’s not exactly true.

What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

Jack Dorsey, Cathie Wood and Elon Musk are promoting idea that Bitcoin mining can be good for planet—but that’s not exactly true.

What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

A trio of Jack Dorsey, Cathie Wood and Elon Musk are promoting the idea that Bitcoin mining can be good for the planet actually.

Bitcoin mining is bad for the environment. #bitcoin #EarthDay2021

— Mati Greenspan (tweets financial advice) (@MatiGreenspan) April 22, 2021

However, not everyone is convinced by BCEI’s assertions, with prominent analyst Mati Greenspan describing the report as “justifying Bitcoin’s massive energy consumption”.

Rather than offer a solution to Bitcoin’s growing energy consumption, Greenspan describes the BCEI paper as providing a blueprint for “a feedback loop consumes a lot of energy“. Greenspan argues:

“The main focus of the paper doesn’t seem to be looking too much for solutions to justify Bitcoin’s massive energy consumption and paint a rosy picture of how it could positively impact the sector.

Bitcoin mining co-exist to form a green grid that runs almost exclusively on renewable energy.”

“Not only is this doable, it is doable without jeopardizing the sector’s profitability.”

The paper describes the Bitcoin mining sector as “an energy buyer of last resort” that can be situated anywhere in the world.

Despite solar and wind energy costing between roughly half and one-third of fossil fuels per kilowatt-hour, the paper asserts the geographical limitations of renewable power plans typically results in energy supply being “either abundant or non-existent.”

“The end result is significantly more power than society typically needs for a few hours per day and not nearly enough when demand spikes.

Similar Posts:

Leave a comment