Canton Bern, a region in Switzerland, has just passed a law to study the use of excess energy to mine #bitcoin☀️ (BTC), with the aim of stabilizing the power grid and promoting economic development.
New law creates opportunities for Bitcoin mining
Proposed by Samuel Kullmann, a member of the Canton of Bern parliament, the bill received 85 votes in favor to 48. The law requires the Executive Council to draw up a detailed report on the possibility of using surplus energy to exploit $BTC and contribute to the stability of the electricity grid.
The report will focus on:
• Identify areas with surplus energy.
• Collaborate with Swiss Bitcoin mining companies.
• Analyze the potential to support the power grid during fluctuating energy supply phases.
Kullmann and the 'Parliamentary Group Bitcoin' emphasize the economic, technological benefits, and the utilization of renewable energy resources that the bill brings.
International examples and potential in Switzerland
According to the law, examples like Texas have demonstrated the role of Bitcoin mining in stabilizing the power grid and reducing wasted excess energy. In Texas, Bitcoin miners act as 'flexible energy consumers,' helping to utilize unused energy.
The bill expects Bern to learn from this model to promote investment, create jobs, and develop renewable energy.
Challenges and Concerns
Even if passed, the bill still faces some opposition:
• Pressure on the power grid: Switzerland is facing increased energy demand from data centers, electric vehicles, and urbanization.
• Energy competition: Bitcoin mining may compete for resources with other industries.
• Legal risks: Bitcoin is not legal tender in Switzerland, raising concerns about policies and regulations.
• International market: The Executive Council believes that Bitcoin mining is better suited for international scale rather than local.
Expectations to open new pathways
Despite concerns, the bill has sparked widespread discussion about integrating crypto with sustainable energy. Supporters believe that Bitcoin mining could unlock significant economic and technological potential while better utilizing untapped renewable energy sources in Switzerland.