Repurposing bitcoin mining heat can solve global energy crisis: Arcane | The Financial Express

Repurposing bitcoin mining heat can solve global energy crisis: Arcane

It is significant to highlight that around 40% of the world’s CO2 emissions are caused by heating.

Repurposing bitcoin mining heat can solve global energy crisis: Arcane
miners may set up shop next to oil wells by utilising the portability, modularity, and agnosticism of Bitcoin rigs.

Bitcoin mining supports the expansion of wind and solar systems, which frequently provide unpredictable and uncontrollable energy, because of its low cost of reaction, as reported by Cointelegraph.

According to obscure study, the Electric Reliability Council of Texas has only up to now permitted bitcoin miners to take part in the most sophisticated demand response systems. Bitcoin mining can assist in resolving problems with gas flaring, the process of burning natural gas involved with oil extraction, in addition to being adaptable to grid demands, Cointelegraph noted.

According to Arcane, miners may set up shop next to oil wells by utilising the portability, modularity, and agnosticism of Bitcoin rigs. For every $1000 invested, a bitcoin mining system decreases emissions by 6.32 tonnes of CO2 equivalents annually, compared to 1.3 for wind and 0.98 for solar. By using the heat produced as a byproduct of bitcoin mining to heat up buildings, businesses, and other uses for the next winter, this technology can aid the energy sector even more. It is significant to highlight that around 40% of the world’s CO2 emissions are caused by heating.

Reusing heat from bitcoin mining has a number of benefits, including lower operating expenses and less expensive heating. According to Cointelegraph, the biggest price increase over the last month was in energy prices, which increased by an annual rate of 38.3%.

(With insights from Cointelegraph)

Also Read: NFT-based music industry finding new applications through Web3.0 

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos
7 Photos
Assembly Election Results 2022: BJP’s celebratory dance in Gujarat, Congress exudes confidence in Himachal – See Photos
10 Photos
Realme 10 Pro Plus launched in India: The 10-point rough cut
9 Photos
AAP sweeps away 15 year BJP reign in MCD election – Photos from celebrations