Hedging renewable energy investments with Bitcoin mining

Bastian-Pinto, Carlos de Lamare; Araujo, Felipe Van de Sande; Brandão, Luiz Eduardo Teixeira; Gomes, Leonardo Lima

doi:10.1016/j.rser.2020.110520

Cited by 46 publications

(34 citation statements)

References 20 publications

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“…However, the main difference between a conventional data center and bitcoin is the feasible interruptibility of the latter. Similar conclusions were reached for specific analyses of wind power in Brazil and both wind and solar power in Texas . The Texas grid operator, ERCOT, had realized this opportunity and began to work with bitcoin miners to incorporate them as a controllable load resource on the grid .…”

Section: Bitcoin In Greenhouse Gas Emissions and Renewable Energysupporting

confidence: 52%

Renewable Energy Transition Facilitated by Bitcoin

Velický

2023

ACS Sustainable Chem. Eng.

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Reduction of greenhouse gas emissions has been a top priority for activists, scientists, and policy makers across the globe, and it is one of the main drivers for the transition to renewable energy generation. Bitcoin is a decentralized global transaction network of an eponymous digital currency. It has been praised for its openness, decentralization, and censorship resistance, as well as criticized for its inefficiency, criminal use, and enormous electricity consumption. We discuss the challenges in the renewable energy transition, properties of the bitcoin network, and the role of bitcoin mining operations in the global energy production and consumption. Although the adoption path for bitcoin is likely to be volatile with an uncertain outcome, the opportunities offered by bitcoin mining in reduction of the greenhouse gas emissions and renewable energy transition are greater than generally assumed.

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Section: Bitcoin In Greenhouse Gas Emissions and Renewable Energysupporting

confidence: 52%

Renewable Energy Transition Facilitated by Bitcoin

Velický

2023

ACS Sustainable Chem. Eng.

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“…Huge investments will likely follow, including that of the financial firm Square Inc. 19 From the operational and economic perspectives, Bastian-Pinto et al discussed balancing renewable investments in wind farms and bitcoin mining by optimally selecting outputs (electricity and bitcoin mining) that can maximize return and reduce economic risks. 20 Andoni et al reviewed blockchains in the energy sector and emphasized the benefits of blockchain for energy system operation, market, and consumers. 21 They further discussed how bitcoin mining could create balance in the energy market and act as shock absorbers in the volatile energy price market.…”

Section: Introductionmentioning

confidence: 99%

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

Niaz

Shams

Liu

et al. 2022

Energy Environ. Sci.

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“…The current proof of work activities depends heavily on electric energy. The energy consumption by the Bitcoin network is significant, and as of January 2020 was 75 TWh, which is equivalent to the annual energy consumption of Chile (Bastian-Pinto et al, 2021) .…”

Section: Proof Of Work and Carbon Footprint Issuementioning

confidence: 99%

Crypto Minning : Indonesia Carbon Tax Challenges and Safeguarding International Commitment on Human Security

Putranti

2022

ijbesd

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The need for financial transactions in the virtual world that continues to grow demands an increase in the speed, quality, and quantity of various innovations and discoveries in the field of financial technology known as cryptocurrency. This discovery encourages various developments of the virtual world economy which is increasingly diverse and growing according to the needs and interests of existing economic actors. Cryptocurrencies are currently only considered as digital assets that can be traded so they are not recognized as a means of payment. However, cryptocurrency trading in Indonesia is a fast-growing field, so its economic value continues to rise rapidly. This encourages the emergence of crypto mining businesses that tend to use large amounts of electricity. The issue of carbon footprint in cryto mining has in several ways been the cause of the prohibition of this activity. In Indonesia, this activity is still not banned, in 2022 a carbon tax will be applied where every kilogram of carbon equivalent emissions that exceed a certain cap will be subjected to Rp-30 (0.21 cent dollar) tax. So the paper tries to analyze the extent to which this carbon tax will affect crypto mining in Indonesia and how the mitigation of crypto mining's carbon footprint can be managed through proper regulation without disturbing the crypto economic sector that is blooming in Indonesia.

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Hedging renewable energy investments with Bitcoin mining

Cited by 46 publications

References 20 publications

Renewable Energy Transition Facilitated by Bitcoin

Renewable Energy Transition Facilitated by Bitcoin

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

Crypto Minning : Indonesia Carbon Tax Challenges and Safeguarding International Commitment on Human Security

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