Bitcoin mining, despite scepticism from environmental organisations and regulators, could be the catalyst for an energy revolution.
Concerns about Bitcoin’s too high energy consumption have so far prevented mass adoption. But it is cryptocurrency mining that has a chance of solving existing energy problems.
At least that’s what a report from Arcan suggests. According to it, mining has the potential to make a difference in the energy industry in the very near future.
How Bitcoin mining could revolutionise the energy industry
According to the Arcan report, Bitcoin mining has enormous potential that has not yet been fully unlocked. The report highlights that mining the cryptocurrency could eliminate the problems of burning associated gas. In theory, this could be done by modifying cryptocurrency mining facilities. They would be able to work alongside oil wells.
The report also suggests that investing in a Bitcoin mining system could reduce CO2 to 6.3 tonnes per year, more than wind and solar power could provide.
Bitcoin mining could help heat homes
The Arcan report reports that the heat generated by mining the cryptocurrency can be used to heat homes, offices during the winter. By doing so, the operating costs of heating can be drastically reduced. This is especially true now, when the EU is facing an energy crisis and inflation has risen by more than 9% on average.
With Bitcoin mining, it is possible to modernise grid infrastructure, reduce the burning of associated gas, and reduce heating costs for homes and offices.
The Arcan report could be a persuasive argument in the dispute between miners and environmental organizations and regulators who believe that cryptocurrency mining has no benefit to the economy.
Perhaps the aforementioned study will help change the viewpoint of sceptics who believe that mining is solely harmful to the environment. Their position is no longer as well-founded as it once was.