Ark Invest i Square Crypto: Bitcoin pomoże zielonej energii
Ark Invest, in partnership with Square Crypto, believes that the activity of Bitcoin miners could positively affect the renewable energy industry. At least by the fact that the sellers of such energy have found an audience interested in the constant purchase of electricity in large volumes.
In a document called the “Energy Clean Bitcoin Initiative,” the companies attempted to describe how large-scale Bitcoin mining can positively impact the growth in demand for electricity from renewable sources, which are also “carbon-free”.
Jack Dorsey highlighted the initiative on his Twitter account, stating that Bitcoin contributes to the generation of green energy. After which Elon Musk became interested in it, telling him in a thread that it was true.
Square Crypto claims in one of its tweets that renewables have a problem with oversupply when demand is low and critical shortages when consumer demand is picking up. According to the Square research group, Bitcoins can stimulate the creation of an ecosystem in which solar and wind energy, solar panels and mining organically coexist. Thus, having formed a "green network", almost entirely functioning on renewable energy.
They called such an initiative not only feasible, but also the safest in terms of potential damage to the profits of the clean electricity industry. In addition, miners are extremely profitable from the point of view of not being tied to a specific region, because if it becomes unprofitable to mine in the current region, it's time to look for a new "haven" for their capacities!
According to Ark Invest and Square Crypto, you can limit the dissipation of energy from solar panels by redirecting the excess electricity generated by them to mining farms. If miners can get even that 20% of the wind and solar energy stored in US power grids, the scale of green electricity production could triple.
The creators of the "Energy Clean Bitcoin Initiative" are confident that those who own energy assets today have every chance of waking up miners tomorrow. Such an outcome is possible at least due to the “convergence” of the cryptocurrency and energy markets.
But some eco-analysts are against this scenario. They believe that the authors of the initiative are not looking for a solution to the growing problem of overconsumption, but looking for “excuses” and “promises” of how Bitcoin can “help” the renewable electricity sector in the future. Plus, the numbers speak for themselves. Earlier, Cambridge scientists estimated that Bitcoin consumes 121.36 TWh per year, which puts it among the world's 30 largest energy consumers and exceeds the consumption of electricity in countries such as Argentina.
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