- Advocacy group Bitcoin Policy UK’s initiative to integrate Bitcoin mining with renewable energy sources offers a viable solution to environmental and energy challenges.
- This approach not only promotes sustainable power but also provides innovative ways to stabilise and monetise energy supplies, transforming resource management.
OUR TAKE
As we observe, more and more people are exploring how to use bitcoin and blockchain technology to improve and support financial stability, national security, and other sectors. This trend indicates a growing awareness of the potential benefits these technologies can offer. Advocacy group Bitcoin Policy UK’s initiative to combine bitcoin mining with renewable energy sources presents a viable solution to environmental and energy-related issues. This approach not only addresses the need for sustainable power but also offers an innovative way to stabilise and monetise energy supplies, potentially transforming how we manage our resources.
–Sylvia Shen, BTW reporter
What happened
Bitcoin Policy UK, an advocacy group based in the United Kingdom, is promoting the use of bitcoin to support renewable energy sources and sustainable grids.
According to a July 10 report from the group, the bitcoin mining sector, a significant electricity consumer, could play a key role in stabilising the power supplies from renewable energy networks.
The report highlights that bitcoin mining is one of the few technologies capable of providing a “completely elastic demand for spare renewable energy.” It could efficiently utilise all available stranded or lost energy without requiring government subsidies or payments.
As stated in the report, “Bitcoin mining is the perfect technology to solve the issues we face in the viability of our energy ambitions, and it currently has zero large-scale penetration in the UK market.”
The paper suggests that this approach could address the financial viability of the UK’s energy security policy objectives, ensuring a market for all energy generated by renewable producers and preventing projects from going unused.
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Why it’s important
In the wake of the July 4 UK elections and the new Labour administration’s plan for a €7.3 billion ($9.3 billion) National Wealth Fund to support green sectors, Bitcoin Policy UK is advocating for this sustainable bitcoin approach. The local cryptocurrency community is also calling for a more consistent policy in response to the election results.
Co-founder and head of policy of Bitcoin Policy UK, Freddie New, stated that the group is leveraging the current climate to push for sensible laws that “protect and preserve the rights” of the millions of UK residents who own bitcoin.
New also mentioned the previous government had “high hopes” of transforming the UK into a “crypto hub” but failed to achieve that goal.
He noted that bitcoin mining operations on farms or near landfills have untapped potential to reduce emissions and stabilise sustainable electricity networks. This approach is already being implemented in Texas, where bitcoin mining functions as a flexible load. Miners provide an interruptible load that can be quickly turned off in response to grid demand and repowered once the demand decreases.
