While advances in chip manufacturing have made it possible to reduce the operating costs in connection with Bitcoin mining. Bitcoin pr news distribution service , A new report by Arcane exposes the potential of Bitcoin mining to revolutionize the energy sector.
The flexibility of the operation of Bitcoin ( BTC) mining operations is crucial to solving the real-world issues that are in the way of the energy sector according to Arcane research.
One of the most important problems that authorities face in relation to Bitcoin’s widespread adoption is its energy consumption. While advances in chip manufacturing have helped cut operational costs associated with Bitcoin mining A report by Arcane uncovers that the market has the potential to change the way energy is used.
Due to the the low cost of reacting Bitcoin mining is a great complement to the development of grids for solar and wind which can produce unpredictable and inflexible energy, Bitcoin press news distribution service . Arcane research reveals that Electric Reliability Council of Texas up to now, has not allowed bitcoin miners to be part in the most sophisticated Demand response programmes.
As well as being able to adjust to grid requirements, Bitcoin mining can also aid in solving problems related to gas flaring, which is the burning of natural gas in connection with extraction of oil.
Arcane highlights that , by taking advantage of the flexibility, agnosticism, and transferability of Bitcoin mining rigs, miners are able to set up operations near oil wells. They claim it is “Per $1,000 investment, a bitcoin mining system reduces emissions of 6.32 tons of CO2 equivalents per year, compared to 1.3 for wind and 0.98 for solar.”
Bitcoin mining will further aid the energy sector through repurposing its byproducts – heat to warm industrial buildings, homes, and other areas in the winter months ahead, Bitcoin press release distribution service . It is crucial to remember the fact that heat is responsible for about 40 percent of the world’s CO2 emissions.
Repurposing the heat generated by Bitcoin mining has many benefits that include operational support as well as lower energy costs.
In related news: US lawmakers appeal directly to four mining companies, asking for information on the consumption of energy
The significance of the above study comes at a moment that the eurozone experienced record levels of inflation of 9.1 percent amid the energy and gas crisis.
As Cointelegraph noted, energy prices comprised the biggest price hike, increasing by a rate of 38.3 percent over the last month, Bitcoin press release distribution .
