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Bitcoin mining

A newly published working paper on Bitcoin mining has worked to counter claims from anti-crypto politicians that Bitcoin is melting the planet.

Bitcoin mining is a “critical tool” for clean energy and balancing the grid, according to a new working paper penned by Bitcoin advocates and the former president of ERCOT, the operator of Texas’ electrical grid.

The Nov. 22 paper titled “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency” argued that Bitcoin mining’s inherent interruptibility and swift load response capabilities could enhance grid flexibility to better integrate variable renewable energy sources.

Authors of the working paper included Castle Island Ventures partner Nic Carter, Satoshi Action Fund CEO Dennis Porter and Science Advisor Murray Rudd, former ERCOT (Electric Reliability Council of Texas) President and CEO Brad Jones — who recently passed away, along with Executive vice president of power at Houston-based tech company Lancium, Shaun Connell.

BREAKING: New working paper co-authored by former ERCOT & NYISO CEO, highlights #Bitcoin mining as a critical tool for clean energy and balancing the grid. pic.twitter.com/86pXuQ1XxL
— Dennis Porter (@Dennis_Porter_) November 27, 2023

The paper provides case studies of Bitcoin miners participating in demand response programs and providing grid services in Texas, illustrating their unique capabilities as flexible and controllable loads.

The researchers concluded that this suggests that Bitcoin miners can play an important role in demand response, “thereby bolstering both the technical and economic stability of the grid.”

Some observers on X (Twitter) pointed out that the findings of the paper contrast arguments made by anti-crypto politicians who have blamed Bitcoin miners for high energy usage and loads on grids.

In October 2022, Senator Warren and six other Democrats pressed ERCOT for information detailing how much electricity Bitcoin mining operations have consumed. She has also previously attacked New York mining firm Greenidge Generation, claiming at the time that a “crackdown on environmentally wasteful cryptocurrencies” would help fight the climate crisis.

Bitcoin mining pioneer Marshall Long tagged Senator Warren in a retweet of the paper adding “The people who RUN the grids say you’re wrong,”

Aye @SenWarren where u at

The people who RUN the grids say you’re wrong

Oops https://t.co/rcwoivLA9q
— Marshall Long (@OGBTC) November 27, 2023

The researchers concluded that the comprehensive impact of Bitcoin on global energy demand and climate change “remains complex,” but emerging data suggests “its effects might be more nuanced than conventionally believed.”

A recently published Cornell University study demonstrated how wind and solar projects can profit from Bitcoin mining during their pre-commercial development phases.

In July, Cointelegraph reported that Bitcoin mining was becoming more sustainable thanks to innovations such as hydro-cooling farms and associated petroleum gas. Moreover, in September it was reported that Bitcoin clean energy usage had exceeded 50%.

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Binance to launch Thai exchange in joint venture with local energy giant

November 16, 2023 Coin Telegraph

Binance

Crypto services from Binance and Gulf Energy’s joint venture, Gulf Binance, will initially be available to Thai residents on an invitation-only basis.

Binance will publicly roll out a Thailand-based crypto exchange in early 2024 via a joint venture with local energy giant Gulf Energy Development.

A Nov. 15 Stock Exchange of Thailand filing by Gulf Energy said the venture, called Gulf Binance, will initially be available on an invitation-only basis with a public rollout by early 2024, with the firm receiving Securities and Exchange Commission approval on Nov. 10.

A Binance spokesperson confirmed to Cointelegraph that the platform has initially launched as an invitation-only exchange and would give more details as information becomes available.

On May 26, Gulf Binance received digital asset operator licenses from Thailand’s Ministry of Finance, which enabled it to operate a crypto exchange regulated by the country’s SEC. At the time, Binance had planned to launch its Thai arm by Q4 2023.

*Gulf Energy announces the commencement of Gulf Binance services. Source: SE*

On the same day, Binance’s regional head of Asia, Europe and MENA, Richard Teng, said the exchange would harness "Gulf’s established local presence and network,” and Gulf Binance aims to show the potential of blockchain technology to local users.

Gulf Energy is one of Thailand's largest natural gas distribution companies, founded and run by Thai billionaire Sarath Ratanavadi. The company actively invests across different business verticals, including renewable power generation, infrastructure development projects and digital infrastructure businesses, among others.

Gulf Energy invested in Binance’s United States-based arm, Binance.US. In April 2022, the firm disclosed that it invested in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US.

Last month, Binance assisted the Royal Thai Police to seize $277 million from scammers. Following the revelation, over 3,200 victims contacted the authorities to file for compensation.

#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI
— CZ Binance (@cz_binance) October 3, 2023

At the time, Binance’s head of financial crime compliance, Tigran Gambaryan, highlighted the company’s intent to partner with various authorities worldwide to help with “restoring the trust in the digital-asset ecosystem.”

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Bitcoin price and energy use for mining highly correlated: UN Report

October 30, 2023 Coin Telegraph

Bitcoin mining

The UN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity.

A recent study conducted by the United Nations (UN) suggested a direct correlation between the price of Bitcoin (BTC) and the energy needed for mining operations.

The UN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity. During this timeframe, the crypto ecosystem was undergoing a bull run, and Bitcoin rallied to mark its all-time high of $69,000. The UN report highlighted:

“A 400% increase in Bitcoin’s price from 2021 to 2022 triggered a 140% increase in the energy consumption of the worldwide Bitcoin mining network.”

At the time, fossil energy sources accounted for 67% of the electricity generated for Bitcoin mining. However, crypto entrepreneurs have taken proactive measures to increase their dependence on green energy.

Hydropower satisfied over 16% of the total electricity demand of the global Bitcoin mining network, nuclear, solar and wind energy sources provided 9%, 2% and 5% respectively.

According to the UN report, the top ten Bitcoin mining nations at the time — China, USA, Kazakhstan, Russia, Malaysia, Canada, Germany, Iran, Ireland, and Singapore — together were responsible for 92–94% of the global carbon, water, and land footprint of Bitcoin.

The global push for greener alternatives to fulfil the grid demand will also help reduce the carbon footprint of Bitcoin and the crypto ecosystem.

Recently, Genesis Digital Assets Limited (GDA), a mining and data center company with over 400 megawatts (MW) of power generation worldwide, opened a new data center in Sweden running 1,900 Bitcoin mining machines, driven by the country’s burgeoning renewable energy surplus.

Christian Anders, founder of BT.CX, told Cointelegraph that Bitcoin mining is not very common due to high energy prices. However, he added:

“Sweden, Finland and Norway have a surplus of energy and negative energy prices from time to time, and primarily renewable energy in the form of hydropower in a remote location which is hard to distribute.”

In parallel, Bitcoin mining equipment manufacturers continue to deliver energy-efficient hardware. At the World Digital Mining Summit (WDMS) on Sept. 22, Bitcoin miners shared their plans to help decarbonize the crypto ecosystem.

Bitmain rolled out its efficiency-focused Antminer S21, while Nazar Khan, Terrawulf’s chief operating officer, highlighted that the roll Bitcoin rig manufacturers play “is locating our Bitcoin mining loads in places where that’s happening and how do we facilitate that decarbonization process.”

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Bitcoin energy pivot achieves what ‘few industries can claim’ — Bloomberg analyst

September 21, 2023 Coin Telegraph

Bitcoin mining

Bitcoin's hash rate has continued to increase and yet its emissions intensity has been trending down, contrary to most other industries, Bloomberg analyst Jamie Coutts explained.

While the Bitcoin network has continued to expand over the years, the Bitcoin mining industry has yet to see a comparable increase in carbon footprint — an achievement that a Bloomberg analyst argues “few industries can claim.”

This, in turn, could drive the next wave of institutional investment.

On Sept. 20, Bloomberg crypto market analyst Jamie Coutts cited data showing that the sustainable energy mix for Bitcoin has continued to rise since 2021, and is now over 50%. This has led to the growth of emissions slowing relative to the network’s continued expansion.

“Bitcoin as a global monetary network is scaling while its carbon impact declines. Few industries can claim this achievement”

He said that the evolving relationship between Bitcoin network growth and the global push to transition from fossil fuels could “catalyze a wave of institutional and even sovereign investment capital.”

The analyst added that as energy constitutes well over 50% of mining's operational costs:

“The incentive to acquire the cheapest energy sources is contributing to the network's rising hash rate while simultaneously reducing the industry's emissions or carbon intensity.”

Bottom Line: If the network scales to hundreds of millions of users, the impact on global carbon emissions will be minimal, and the technology itself is likely to play a pivotal role in the transition away from fossil fuels
— Jamie Coutts CMT (@Jamie1Coutts) September 20, 2023

Energy emissions refer to the greenhouse gases and air pollutants emitted as byproducts from different energy sources and activities whereas carbon intensity measures how clean the electricity is.

On Sept. 18, Cointelegraph reported that the next generation of Bitcoin miners was focusing on alternative energy sources for efficiency.

However, the percentage of sustainable energy used in Bitcoin mining has been a point of debate, as Cambridge University's model (which hasn't been updated since January 2022) stated that mining from sustainable energy sources is just 37.6%.

Climate technology venture investor and activist Daniel Batten, however, argues that this is actually above 50%.

Google is learning pic.twitter.com/xt8flWKN63
— Daniel Batten (@DSBatten) September 19, 2023

He said that the Cambridge figures were out because off-grid mining and methane mitigation are currently not included in its calculations.

Earlier this year, Batten reported that Bitcoin mining emissions intensity had fallen to its lowest-ever level.

Bitcoin Net Zero Emission Tracker. Source: batcoinz.com/@dsbatten

Moreover, he predicted that the Bitcoin network will become carbon neutral by December 2024.

“By 2030, the Bitcoin network is projected to mitigate 10x more emissions from the atmosphere than it produces, an astonishing achievement,” claimed Batten.

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