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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    How ‘MapleStory N’ Is Fighting Back Against Thousands of Hackers

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    Crypto Casinos Made Over $80 Billion in 2024

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    Long and Short Positions in Crypto Explained for Beginners

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    NFT sales plunge 18% to $116.9m, Polygon beats Ethereum

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    Matt Furie NFTs Crater 97% After Mint Exploit

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    Rekt Is Reaching the Masses

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    FC Barcelona unveils Barca Pass crypto wallet, NFT avatars

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    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

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    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

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    Doodles NFT Sticker Launch on Telegram Sells Out in 24 Hours

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Mining

Bitcoin advocates cite BTC mining as key tool for clean energy and grid balance

November 29, 2023
in Mining
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Bitcoin advocates cite BTC mining as key tool for clean energy and grid balance
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A new working paper by Bitcoin advocates and the former head of the Electric Reliability Council of Texas (ERCOT) identifies Bitcoin mining as a key tool for clean energy and balancing the grid.

READ ALSO

From Subsidies to Shutdowns: Norway Moves to Restrict Bitcoin Mining

Norway eyes crypto mining ban amid local firms’ heavy investments in Bitcoin

In a new academic paper called “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency” the authors suggest that cryptocurrency can aid in the integration of renewable energy.

The authors provide a compelling case that demonstrates how Bitcoin miners have been instrumental in demanding response programs, offering unique capabilities as flexible and controllable loads.

You might also like: Crypto analyst sees opportunities amid Bitcoin stability

BREAKING: New working paper co-authored by former ERCOT & NYISO CEO, highlights #Bitcoin mining as a critical tool for clean energy and balancing the grid. pic.twitter.com/86pXuQ1XxL

— Dennis Porter (@Dennis_Porter_) November 27, 2023

This research challenges the narrative often presented by critics of cryptocurrency, who argue that Bitcoin mining exacerbates energy consumption issues.

Notably, in October 2022, US Senator Elizabeth Warren along with six other Democratic colleagues requested detailed information from ERCOT on the electricity consumption of Bitcoin mining operations.

Previously, she criticized the New York-based mining company Greenidge Generation for performing environmentally harmful mining, adding that cryptocurrencies are not doing enough to combat the climate crisis.

Bitcoin mining pioneer Marshall Long tagged Warren in a retweet of the paper, adding, “the people who RUN the grids say you’re wrong.”

Aye @SenWarren where u at

The people who RUN the grids say you’re wrong

Oops https://t.co/rcwoivLA9q

— Marshall Long (@OGBTC) November 27, 2023

However, the latest paper argues that Bitcoin miners could play a crucial role in what is known as “demand response,” by enhancing both the technical and economic stability of the grid.

See also  Relm Insurance Introduces BTC-Denominated Policy for Bitcoin Miners

This assertion is supported by emerging data including a study from Cornell University that indicates that wind and solar projects could benefit from Bitcoin mining during their development phases.

Hydro-cooling farms and the utilization of associated petroleum gas have contributed to making Bitcoin mining more environmentally friendly.

Furthermore, reports from September indicate that over 50% of Bitcoin’s energy usage is now derived from clean energy sources.

Bitcoin miners see record-high revenue

The recent surge in cryptocurrency prices has led to higher earnings for crypto miners, who have seen their average daily revenue grow to around $32 million over the past month.

The hashrate, a key indicator of the computational power used in mining crypto, has reached record levels, suggesting the use of more powerful computers by BTC miners.

Data from the mining analytics platform Hashrate Index reveals an increase in miners’ earnings. Specifically, the revenue generated from employing one petahash per second of computing power for a day has escalated from $70 at the beginning of November to over $81.

Meanwhile, the expectation of approval for a spot ETF has contributed to a significant rise in Bitcoin’s price over the past few weeks.

The leading cryptocurrency rallied towards $38,000 late yesterday, driven by market speculation surrounding the potential approval of a spot ETF.

Read more: Bitcoin could rally to $100,000 and beyond, expert predicts

Tags: AdvocatesbalanceBitcoinBTCciteCleanEnergyGridkeyMiningtool

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