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<p class="is-style-lead">A new working paper by Bitcoin advocates and the former head of the Electric Reliability Council of Texas (ERCOT) identifies Bitcoin mining as a key tool for clean energy and balancing the grid.</p> 
<p>In a new academic <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4634256" target="_blank" rel="noopener">paper </a>called “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency” the authors suggest that cryptocurrency can aid in the integration of renewable energy.</p> 
<p>The authors provide a compelling case that demonstrates how Bitcoin miners have been instrumental in demanding response programs, offering unique capabilities as flexible and controllable loads.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-analyst-sees-opportunities-amid-bitcoin-stability/"> Crypto analyst sees opportunities amid Bitcoin stability </a> </p> 
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   <p lang="en" dir="ltr">BREAKING: New working paper co-authored by former ERCOT &amp; NYISO CEO, highlights <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> mining as a critical tool for clean energy and balancing the grid. <a href="https://t.co/86pXuQ1XxL" target="_blank">pic.twitter.com/86pXuQ1XxL</a></p>— Dennis Porter (@Dennis_Porter_) <a href="https://twitter.com/Dennis_Porter_/status/1729256906336944626?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 27, 2023</a>
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<p>This research challenges the narrative often presented by critics of cryptocurrency, who argue that Bitcoin mining exacerbates energy consumption issues.</p> 
<p>Notably, in October 2022, US Senator Elizabeth Warren along with six other Democratic colleagues <a href="https://www.warren.senate.gov/oversight/letters/warren-green-lawmakers-open-investigation-into-texas-energy-grid-operators-subsidies-to-cryptominers" target="_blank" rel="noopener">requested detailed information from ERCOT</a> on the electricity consumption of Bitcoin mining operations.</p> 
<p>Previously, she criticized the New York-based mining company Greenidge Generation for performing environmentally harmful mining, adding that cryptocurrencies are not doing enough to combat the climate crisis.</p> 
<p>Bitcoin mining pioneer Marshall Long tagged Warren in a retweet of the paper, adding, “the people who RUN the grids say you’re wrong.”</p> 
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   <p lang="en" dir="ltr">Aye <a href="https://twitter.com/SenWarren?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SenWarren</a> where u at<br><br>The people who RUN the grids say you’re wrong<br><br>Oops <a href="https://t.co/rcwoivLA9q" target="_blank">https://t.co/rcwoivLA9q</a></p>— Marshall Long (@OGBTC) <a href="https://twitter.com/OGBTC/status/1729272814048354465?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 27, 2023</a>
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<p>However, the latest paper argues that Bitcoin miners could play a crucial role in what is known as “demand response,” by enhancing both the technical and economic stability of the grid.</p> 
<p>This assertion is supported by emerging data including a <a href="https://pubs.acs.org/doi/10.1021/acssuschemeng.3c05445" target="_blank" rel="noopener">study</a> from Cornell University that indicates that wind and solar projects could benefit from Bitcoin mining during their development phases.</p> 
<p><a href="https://crypto.news/microbt-partners-with-heatcore-to-launch-the-first-hydro-cooling-and-heat-recovery-project/">Hydro-cooling farms </a>and the utilization of associated petroleum gas have contributed to making Bitcoin mining more environmentally friendly.</p> 
<p>Furthermore, reports from September indicate that <a href="https://crypto.news/renewable-energy-milestone-opens-door-for-tesla-to-resume-crypto-payments/">over 50% of Bitcoin’s energy usage</a> is now derived from clean energy sources.</p> 
<h2 class="wp-block-heading" id="bitcoin-miners-see-record-high-revenue">Bitcoin miners see record-high revenue</h2> 
<p>The recent surge in cryptocurrency prices has led to higher earnings for crypto miners, who have seen their average daily revenue grow to around $32 million over the past month.</p> 
<p>The hashrate, a key indicator of the computational power used in mining crypto, has <a href="https://crypto.news/bitcoin-mining-hits-record-high-difficulty/">reached record levels</a>, suggesting the use of more powerful computers by BTC miners.</p> 
<p><a href="https://data.hashrateindex.com/chart/bitcoin-hashprice-index" target="_blank" rel="noopener">Data </a>from the mining analytics platform Hashrate Index reveals an increase in miners’ earnings. Specifically, the revenue generated from employing one petahash per second of computing power for a day has escalated from $70 at the beginning of November to over $81.</p> 
<p>Meanwhile, the expectation of approval for a spot ETF has contributed to a significant rise in Bitcoin’s price over the past few weeks.</p> 
<p>The leading cryptocurrency rallied towards $38,000 late yesterday, driven by market speculation surrounding the potential approval of a spot ETF.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-could-rally-to-100000-and-beyond-expert-predicts/"> Bitcoin could rally to $100,000 and beyond, expert predicts </a> </p>

Bitcoin advocates cite BTC mining as key tool for clean energy and grid balance

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