Bitcoin mining could be good for US energy independence: Research


U.S. Congressman Pete Sessions of Texas came out with a bold statement about the impact Bitcoin Mining (BTC) will have not only on his state but on the United States as a whole.

A Texas spokesman, a proponent of Bitcoin mining, tweeted Tuesday that “Bitcoin Mining will play a key role in restoring U.S. energy independence.” His statement provoked mixed reactions from both supporters and critics. Wyoming Senator Cynthia Lummis was among the supporters who responded to his tweet with a concise “Really”.

Both legislators have been vocal advocates of policies that support innovation in the crypto industry, and not just for miners. As U.S. consumers suffer from rising gas prices due to global tensions, the debate has intensified on how the country can reduce its dependence on external energy sources.

Sessions ’view highlights a growing compilation of research that suggests that innovations from the BTC mining industry could have global application in industrial consumption and energy production.

As Texas contributed more than 14% of the country’s total bitcoin rate, the stability of the state’s electricity grid and the impact of miners on the environment have come to the forefront of growing criticism, as is the case in other mining centers around the world. world.

Despite these concerns, various researchers suggest that the growing mining market in Texas could reduce the net environmental impact and energy requirements of the public energy grid.

A March 2021 research paper describes in detail how flexible data centers could promote renewable energy sources. The flexible data center generates its own energy either from a small dedicated power plant to renewable sources or draws energy from the grid, depending on the current state of the grid.

According to the US Energy Information Administration (EIA), Texas is already the leading producer of wind farms in the country. Therefore, miners may already have access to renewable energy when needed. Encouraging miners to use a flexible data center model could spur greater growth in the availability and reliability of renewable energy. The paper wrote:

“Thus, (integrated energy system) can contribute to the stability of the network locally by using the produced electricity instead of bringing it into the network.”
Software solution company Lancium published a similar study last October. It was concluded that as the mining industry grows and more operations implement a flexible data center model, this is likely to prevent energy network shortages while promoting the growth of renewable energy sources. Researcher Joshua D. Rhodes said in the paper:

“As networks move toward incorporating higher levels of occasional resources, such as wind and solar, flexible demand will play an increasingly important role in maintaining a stable grid system.”
Related: New York’s Bitcoin mining moratorium law gets more support

Texas is a significant center of Bitcoin mining in the United States, as Hive Blockchain, Riot Blockchain, Argo Blockchain and others do business in Lone Star State.



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