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Bitcoin Mining Balances Power Grids
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Pierre Rochard, Vice President of Research at Riot Platforms, emphasized that excessive electricity production in Texas has sometimes driven prices down to zero. Bitcoin miners have been able to absorb this excess energy and effectively balance the power grid.
This analysis comes amid ongoing criticism over Bitcoin mining’s energy consumption and environmental impact. However, it also offers significant benefits, especially in terms of grid stability and energy efficiency. One key advantage is that Bitcoin miners can quickly turn their mining equipment on and off in response to fluctuations in energy demand.
In related news, Agile Energy X, a subsidiary of Tokyo Electric Power Grid, announced earlier today that it has begun installing Bitcoin mining equipment next to solar power plants in Tochigi and Gunma prefectures. The initiative aims to use excess renewable energy for mining experiments.
If 10% of this energy is used for Bitcoin mining, it is expected to generate around 360 billion yen ($2.5 billion) in annual revenue. The move aims to address the problem of power waste caused by the volatility of renewable energy production while supporting Japan’s goal of reaching carbon neutrality by 2050.
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