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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 paper 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 <a rel="noopener noreferrer nofollow" title="energy" href="https://thebittimes.com/tag/energy.html">energy</a>.</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>
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    <p lang="en" dir="ltr">BREAKING: New working paper co-authored by former ERCOT &amp; NYISO CEO, highlights #Bitcoin mining as a critical tool for clean energy and balancing the grid. pic.twitter.com/86pXuQ1XxL</p>— Dennis Porter (@Dennis_Porter_) November 27, 2023
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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 requested detailed information from ERCOT on the electricity consumption of Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> operations.</p>
 <p>Previously, she criticized the New York-based <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> company Greenidge Generation for performing environmentally harmful <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a>, adding that cryptocurrencies are not doing enough to combat the climate crisis.</p>
 <p>Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> 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 @SenWarren where u at<br><br>The people who RUN the grids say you’re wrong<br><br>Oops https://t.co/rcwoivLA9q</p>— Marshall Long (@OGBTC) November 27, 2023
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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 study from Cornell University that indicates that wind and solar projects could benefit from Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> during their development phases.</p>
 <p>Hydro-cooling farms and the utilization of associated petroleum gas have contributed to making Bitcoin mining more environmentally friendly.</p>
 <p>Furthermore, reports from September indicate that over 50% of Bitcoin’s energy usage 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 reached record levels, suggesting the use of more powerful computers by BTC miners.</p>
 <p>Data 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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-advocates-cite-btc-mining-as-key-tool-for-clean-energy-and-grid-balance-tbt71896.html">https://thebittimes.com/bitcoin-advocates-cite-btc-mining-as-key-tool-for-clean-energy-and-grid-balance-tbt71896.html</a></p>

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

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