- Square and ARK Invest believe that bitcoin mining can drive renewable energy’s future.
- If renewable energy managers build infrastructure around bitcoin mining, they can earn while producing sufficient clean power.
- Currently, Bitcoin network awards 6.25 bitcoins for every block mined.
Jack Dorsey’s payment firm Square and and asset manager ARK Invest have recently made a case for Bitcoin, arguing that contrary to assumptions, it can actually drive the future of renewable energy.
The collaborators’ inputs and research were compiled in a whitepaper entitled “Bitcoin is Key to an Abundant, Clean Energy Future”. The four-page document discusses the opportunities renewable energy managers can have if they mine bitcoin.
In a nutshell, the research claims that by building an ecosystem around bitcoin mining, renewable energy in what they call a “green grid”.
Arguably, solar and wind produce more affordable energy than mainstream sources such as fossil fuels. However, the paper said that they produce too much energy when the demand is low, and vice versa. With bitcoin mining, the paper asserts that renewable energy firms will be able to earn profits while tapping into solar and wind power.
The collaborators assured,
The bitcoin and energy markets are converging and we believe the energy asset owners of today will likely become the miners of tomorrow.
At the moment, the Bitcoin blockchain gives out 6.25 bitcoins for every block. This will further reduce to about 3.12 when the next halving comes, possibly in 3 years. Mining difficulty is also at a record-high 23.582T.
