Bitcoin is Helping Us Transition to Clean Energy Faster

pLast week was Earth Day so many in the crypto community took this opportunity to address common misconceptions surrounding the quotlongFUDedquotnbspa hrefhttpswwwcoindeskcomfrustratingmaddeningallconsumingbitcoinenergydebate targetblankBitcoin energy debatea Bitcoin Haters will say that if it scales as a monetary network it will use more energy than exists on the earth However most arguments against Bitcoin in this subject are simply misinformed or willfully ignorant It seems that the energy conversation is the easiest talking point for detractors to draw at however many of the facts are commonly misconstruedppstrongSquarersquos White PaperstrongppThought leaders in the Bitcoin community revisited these somewhat hackneyed arguments when on st April Jack Dorseynbspa hrefhttpstwittercomjackstatus targetblankretweetedanbspone of Squares crypto white papers saying that ldquoBitcoin incentivizes renewable energyrdquo The paper that Dorsey tweeted argued in favor of Bitcoin asnbspkey to an abundant and clean energy future It drew attention towards the opportunity Bitcoin mining presents to accelerate the global energy transition to renewables by serving as a complementary technology for clean energy production and storageppIt suggested that Bitcoin miners as a flexible load option could potentially help solve much of thenbspintermittency and congestionnbspproblems that remain a deployment bottleneck for Solar and Wind energy sources The paper marked Bitcoin miners as unique energy buyers who offer highly flexible and easily interruptible load while providing payout in a globally liquid cryptocurrency Moreover they are completely location agnostic and require only an internet connectionppBy deploying more renewable energy sources such as solar and wind these generation technologies like Bitcoin mining will fall even further down their respective cost curves It will very likely bring them closer tonbspzero marginal costnbspenergy productionppHow fast the Bitcoin network becomes a unique energy buyer enabling the society to deploy substantially more solar and wind generation capacity that we will have to see But it will definitely facilitate the transition to a cleaner and more resilient electricity grid where energy asset owners of today can become the essential bitcoin miners of the future So next time someone cites Bitcoins energy consumption as a negative remember it is Bitcoin that is forging the way towards a more sustainable energy futurep