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According to a new study from researchers at Cornell, bitcoin mining could be used to power our transition to green energy. I couldn’t quite believe this either, but I think they’re serious. The paper is here
https://pubs.acs.org/doi/full/10.1021/acssuschemeng.3c05445
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25 Comments
Nord VPN doesn't work against eyes from the State.
Ah, bitcoin want to make a comeback. Let see whether the stupid little fishes got eaten up again or not.
Welch Überraschung am 2. Advent – in Kurzfilm. Während wir vorhin noch Ihr interview mit Yves Bossart (…er ist ja Philosoph, er ist vieles gewohnt…) im SRF angesehen haben und leider frühzeitig beenden musste, sind wir jetzt bei einer Ihrer entfernteren Koleginnen gelandet. Kathrin Altwegg – wie erfischend doch ein offener Geist sein kann. Mein Wunsch für das Neue Jahr. Einen gesegneten 2. Advent Ihnen noch.
I urge everyone to go learn how our banking system works – then come back and see if you still think Bitcoin has no value. Please do go check it out. You literally won’t believe it. You may even become a Bitcoiner.
I love the grounded reality of this channel!! Retirement took a toll on my finances, but with my involvement in the digital market, $27,000 weekly returns has been life changing. AWESOME GOD❤️
Bitcoin, Sh*tcoin.
Bitcoin mining funds grid development by paying the grid provider for power during lower demand cycles, paying for resources that would otherwise sit unused and still have to be paid for by the provider and those costs have to be covered by consumers. Mining however, can turn off instantly during peak windows. This leads to a stronger, more affordable grid for everyone.
Scientists have found a way to capture energy from self winding watch springs into electrical power suppliers by adding them to Xbox & PS5 controllers, lazyboy recliners & table forks
Well this paper is making this more known, but miners and bitcoiners have been pointing this out for years. Bitcoin mining allows you to make use of the excess energy, which is cheap by default. Miners don't care about how the energy is made, but only that it is cheap enough to keep mining profitable, so renewables have been a common choice.
The expression "making money" often confuses people about the idea of creating wealth. Mining Bitcoin doesn't create wealth any more than the US Bureau of Engraving and Printing does. The US BEP can print far more money than they do now, but that won't make the nation, nor it's citizens any richer. In many cases, it will wipe out their savings (wealth) by devaluing the US Dollar.
The same applies to bitcoin mining. It doesn't create any wealth since it doesn't create any value for anyone. Nobody is fed, clothed or sheltered by the bitcoin that is being produced. It is a fiat currancy. Wealth is only created by producing value, not currancy. Producing currancy without a corresponding increase in value merely produces inflation.
Bitcoin miners could use excess Nuclear energy during the night which would allow Nuclear power supply above the current base load during the day.
Unfortunately even mining from green energy sources will still generate large amounts of e-waste. Stimulating the growth of crypto mining is also a questionable endeavor on the whole. For example because other mining startups might not use renewable energy.
Bitcoin transactions also use huge amounts of energy in general.
This is a clown take.
Bitcoin was invented for money laundry .
Dumbest idea I've heard since the Greens decided to oppose nuclear power. Let's generate power just to waste it. Are the Cornell "researchers" actually idiots, or are they just corruptly funded? These seem the only rational options.
You can also charge a large bank of batteries – problem is some areas prohibit fully-charge batteries from being transported.
You seam to be falling away from true science and leaning toward an agenda
The Klaus Shwab WEF WHO UN COMMUNISTIC GLOBALIST CABAL AGENDA AND THEIR SOCIAL ENGINEERING PLAN
Energy over demand alternative can be used for hydrogen production and cryogenic refridgeration of hydrogen. This can in turn be transported to population centers for on demand energy production.
Gpt5 can crack everything, your bitcoins are going to die
Sciences seamed to have lost any truth
Having read this paper, it seems it is attempting to solve a problem that doesn’t exist, ie “utilizing surplus renewable energy from planned installations before grid integration”. What? This is just not a thing. Renewable energy projects are designed, financed and constructed based on one of two assumptions – grid-connected, or off-grid. There are no wind farms hanging around, built, waiting for a time when they can find a way to connect to the grid. Grid connection is integral to the economic feasibility of every single renewable project that wants to be grid-connected: until they pass that threshold, nobody with any money is going to finance it. If grid connection is going to be too high, then developers move onto the next opportunity and don’t build a project in the first place. And, despite Sabine’s summary, I can’t see anywhere in the paper that they claim that the bitcoin project itself can make the grid connection/grid extension viable, although it would be interesting if it did. Some other interesting points might be whether crypto could improve profitability by taking up energy that is currently surplus/curtailed, but again, that wasn’t what the paper looked at. Fundamentally, there is a mismatch between the investment cases of bitcoin vs renewable energy – people financing renewable projects want a reasonably assured revenue stream for 15-20 years to pay off the upfront capital investment, whereas bitcoin works on a short-term volatile horizon. I don’t see either of those as doing a lot to help the other, and indeed, that seems to be how the market is playing out – ie both bitcoin and renewable projects are making investment decisions based on the overall energy market projections for their time horizon, rather than direct negotiations between each other (for the most part). This is all to say nothing of the value of bitcoin per se – only the economics. And the same arguments could be made for any profitable energy load that could be dispatched profitably to meet “peaks and troughs” of the energy grid, this is not exclusive to bitcoin.
Except the evidence is that crypto currencies do not add anything to GDP, and they badly burn a lot of people when things like crypto exchanges go out of business. I'd much rather that thing like smart chargers for EVs absorb that excess rather than finance an unregulated activity which is marked by wild speculation, greed and crooks with a lot of losers.
I miss the long-form episodes. :
If you heat with resistive heating, bitcoin mining is free. Every watt can be used to mine bitcoins before it becomes heat, instead of going directly to heat.
You could also power greenhouses for tulips.