by
Research
Sep 1st 2022

How Bitcoin Mining Can Transform the Energy Industry

Bitcoin mining is a much-maligned industry due to its vast energy consumption. The criticism relies heavily on the assumption that bitcoin miners provide no positive externalities to energy systems and only serve as energy hogs forcing additional non-renewable energy generation.

Many of the harshest critics lack an understanding of both Bitcoin and energy systems. In this report, we highlight how bitcoin mining can alter energy systems for the better.

We address four areas where bitcoin miners can affect energy systems in a desired way and/or improve the economics of energy production

  • Strengthening electricity grids with bitcoin mining

  • Improving the economics of renewable energy with bitcoin mining

  • Mitigating natural gas flaring with bitcoin mining

  • Repurposing waste heat from bitcoin mining

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