ChainCatcher reported that according to Bitcoin Magazine, Robert Kennedy Jr. recently stated in a letter to The Economist that Bitcoin mining is a powerful new tool to support renewable energy-intensive power grids.
He pointed out that although the power grid is facing pressure from manufacturing, electric vehicles and data centers, the electricity consumption pattern of Bitcoin mining is different from traditional electricity consumption and can bring positive effects to the power grid. Kennedy emphasized that unlike facilities such as data centers, Bitcoin mines only operate when electricity is cheap and abundant. When electricity scarcity causes prices to rise, mines will reduce electricity consumption in seconds.
In addition, Kennedy pointed out that Bitcoin miners actively participate in demand response programs, which allow grid operators to control their electricity consumption to stabilize the grid. The participation of Bitcoin miners in these programs helps to bid in the open market and reduce the cost of electricity for consumers.
