Chair

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Willy Woo notes that Bitcoin uses 0.66% of the world’s electricity.</li> 
 <li>Despite claims that BTC mining stresses the power grid, he says BTC could actually help balance it.</li> 
</ul> 
New reports revealed that Texas Public Utility Commission Chair Thomas Gleeson and Pablo Vegas, ERCOT CEO, testified before the Texas Senate Business and Commerce Committee on Wednesday. 
Gleeson said that the Public Utility Commission should look at existing ways in which reliability concerns can be addressed in order to accomplish their goals. Vegas said that the huge growth in the State of Texas will continue to put pressure on the power grid. 
<a href="https://www.fox4news.com/news/bitcoin-mining-ai-data-centers-texas-power-grid" rel="nofollow noopener" target="_blank">Fox</a> addressed the fact that Bitcoin mining and AI data centers are seen as a big concern with “power-hungry computers” being built in Texas. 
Texas Lieutenant Governor Dan Patrick took to X and<a href="https://x.com/LtGovTX/status/1800968003636408657" rel="nofollow" target="_blank"> shared</a> his thoughts about the matter, saying that Bitcoin mining and AI produce few jobs compared to the demands they place on the grid. 
He said that crypto mining may actually make more money selling electricity back to the grid than from the crypto mining operations. 
However, Bitcoin can actually help balance the grid, according to the latest data revealed by Bitcoin on-chain analyst Willy Woo. 
<h2 id="bitcoin-uses-0-66-of-the-world-s-electricity">Bitcoin uses 0.66% of the world’s electricity</h2> 
Willy Woo addressed the issue of Bitcoin and electricity via some posts on X recently. 
He shared a message in which he was explaining the fact that the Bitcoin network presently uses 0.66% of the world’s electricity. 
He <a href="https://x.com/woonomic/status/1800944906271162880" rel="nofollow" target="_blank">noted</a> that if the world is to accelerate its renewable energy rollout, Bitcoin will need to use more electricity to help balance the grid, as more intermittent power from solar and wind comes online. 
He continued and said that if people believe that 0.66% is a lot of electricity, he has another number to place on the table: 34%. This is how much the grid loses before the electricity reaches people’s homes. 
Woo said that switching to solar on the roof can fix this, but this will not happen without Bitcoin balancing the grid, in his opinion. 
<blockquote class="twitter-tweet"> 
 If you think that’s a lot of electricity, I have another number for you: 
 34% 
 That’s the grid losses before the electricity reaches your home. 
 Switching to solar on your roof fixes this, but that won’t happen without BTC balancing the grid. 
 — Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1800947622007668838?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 12, 2024</a>
</blockquote> 
<h2 id="renewable-energy-sources-in-crypto-mining">Renewable energy sources in crypto mining</h2> 
Bitcoin mining operations have been in the spotlight and at the center of such discussions for a while now. This is the reason why nations such as El Salvador have started <a href="https://crypto.ro/en/news/el-salvador-mined-nearly-474-bitcoins-worth-over-29m-using-volcano-energy/">mining Bitcoin</a> in more efficient ways. 
The country uses a volcano-fueled geothermal power plant at Tecapa Volcano. 
The geothermal power plants in El Salvador generate 102 megawatts of electricity, of which 1.5 megawatts are used for the process of Bitcoin mining. 
What El Salvador is doing is important for the crypto industry and the nation’s innovative use of geothermal energy for Bitcoin mining has already proven itself to be a successful operation. 
This proves the potential for renewable energy sources in crypto mining. 
Crypto mining is a sector that has been highly criticized for high energy consumption and the innovative mining method comes in handy. <a href="https://crypto.ro/en/news/bitcoin-miners-sold-1200-btc-on-june-11-largest-daily-selling-volume-since-late-march/">Crypto miners</a>’ activity has been highly scrutinized for their impact on power grids and carbon emissions.

Bitcoin, Presently Using 0.66% Of World’s Electricity, Can Help Balance The Grid

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