Bitcoin mining – the process in which a bitcoin is awarded to a computer that solves a complex series of algorithms – is a deeply energy-intensive process. “Mining” bitcoin involves solving complex math problems in order to create new bitcoins. Miners are rewarded in bitcoin.
Does bitcoin mining really use a lot of electricity?
That’s a lot of electricity.” Proponents of bitcoin say that mining is increasingly being done with electricity from renewable sources as that type of energy becomes cheaper, and the energy used is far lower than that of other, more wasteful, uses of power.
Are bitcoin miners a flexible load?
That Bitcoin miners qualify as a flexible load is a big deal. The International Energy Agency has asked for 500GW (roughly one Thailand's worth) of new demand response resources worldwide by 2030 in order to meet renewable goals. This added demand-side flexibility is a crucial enabler of grid modernization.
Is Congress worried about the bitcoin mining industry?
Congress has of late become very concerned about the Bitcoin mining industry, which, since the Chinese ban on the practice, is increasingly domiciled in the U.S. Why worry about an industry that consumes approximately 0.55 percent of global electricity production?
