Arcane’s expedition to reuse Bitcoin mining heat could solve the global energy crisis
Arcane’s expedition to reuse Bitcoin mining heat could solve the global energy crisis
Bitcoin mining reacts to fluctuations in the supply of renewable energy
By Shashank Bhardwaj
Photo: Alan Freed/ Reuters
According to Arcane, recycling the heat generated by producing bitcoins makes it possible to develop wind and solar plants using a new efficient energy production infrastructure.
According to new research from Arcane, bitcoin mining’s peak power demand could be used to power wind and solar systems, resulting in a net surplus of energy. This is because Bitcoin mining reacts to fluctuations in renewable energy supply. By recycling the heat generated by the process of producing bitcoins, it is possible to develop wind and solar plants using a new method of energy production, which will be more affordable for users.
A new study discovered that the Electric Reliability Council of Texas has only now allowed bitcoin miners to take part in the most sophisticated demand response systems. Bitcoin mining can help solve problems with gas flaring, the process of burning natural gas involved in oil extraction, and being adaptable to grid demands. They cannot function effectively independently of the grid. However, Bitcoin mining can be adapted to split off excess energy and feed it into the local grid or store it for later use.
Arcane believes there is a better way to reap the benefits of bitcoin mining without the carbon emissions. By working with oil companies, miners can use the heat as a by-product of mining to heat buildings and other uses in the winter.
This new technology will allow the implementation of bitcoin mining systems next to oil wells and other areas. The systems are portable, modular and can be used almost anywhere in the world. These systems are currently used to create currency, which is beneficial, but produces large amounts of heat. This heat can now be used to heat homes and buildings through heat exchange.
If done right, Bitcoin mining can be used to solve the global energy crisis. After just one year, mining Bitcoin for heat can help reduce CO2 emissions by 6.3 tons annually. This can be compared to traditional heating, which produces around 40 percent of the world’s carbon emissions. In the long run, these savings can lead to a significant reduction in energy consumption worldwide and thus significantly reduce global greenhouse gas emissions.
At a time of rising energy prices, this unique infrastructure for managing energy can also benefit our future generations. The excess heat from Bitcoin mining can save you money on your energy bill and reduce pollution. According to recent statistics, the price of usable energy increases by around 38.3 per cent annually.
The Bitcoin mining market is a $6.3 billion industry, but miners pay over $1 million per day in energy costs. While advances in manufacturing have helped curb energy consumption costs, these recent innovations have brought a whole new way of thinking to this debate.
The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
