Renewable Energy Transition Facilitated by Bitcoin

Abstract

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.

From Mining to Mitigation: How Bitcoin Can Support Renewable Energy Development and Climate Action

“…Although the findings of this study indicate that bitcoin mining presents innovative opportunities in utilizing surplus renewable energy from planned renewable installations and facilitating energy transition, it is also imperative to acknowledge the broader concerns associated with it. Bitcoin mining continues to be highly energy-intensive due to the adopted consensus algorithm . The annual energy consumption of bitcoin mining stands at 115 TW h, equivalent to the power consumption of The Netherlands .…”

“…Bitcoin mining continues to be highly energy-intensive due to the adopted consensus algorithm. 57 The annual energy consumption of bitcoin mining stands at 115 TW h, equivalent to the power consumption of The Netherlands. 58 Based on this energy consumption, previous studies have pointed out the significant climate impact stemming from bitcoin due to the power supply from nonrenewable sources.…”

The feasibility study of the production of Bitcoin with geothermal energy: Case study

“…They reported that renewable energy applications for cryptocurrency mining could reduce environmental impacts and network problems. Velický 25 addressed the obstacles associated with the shift to renewable energy, examined the characteristics of the Bitcoin network, and explored the involvement of Bitcoin mining operations in the global production and consumption of energy. Vega‐Marcos et al 26 proposed the development of a wind power plant to generate energy for Bitcoin mining in Spain.…”

Nitrogen-Containing-Defect-Site-Assisted H2O Adsorption and Dissociation on Crystalline Ru Nanoclusters by Quasi-Hydrogen Bonds Boosts Alkaline Hydrogen Evolution Reaction

“…With the widespread implementation of sustainable green power generation technologies, such as photovoltaic and wind power, the imminent future holds promise for significant alleviation of the energy crisis and environmental concerns in human society. − Nevertheless, the spatial and temporal constraints inherent in these emerging energy technologies pose substantial obstacles to the efficient utilization of the generated power. , Positioned as a green, zero-carbon emission, and well-established energy conversion and storage technology, alkaline electrocatalytic water splitting for hydrogen production stands out as a solution to address the spatial and temporal disparities in new energy power distribution. − It is undeniable that the high energy consumption due to the high overpotential of this technology greatly reduces the economy of this technology. − Hence, the imperative to cultivate a stable, efficient, and cost-effective alkaline hydrogen evolution reaction (HER) catalyst becomes paramount in mitigating the energy demands of this technology.…”