1. More flexible load can mean avoiding grid upgrades
"To the extent a new load can temporarily curtail its electricity consumption from the grid during these peak stress periods, it may be able to connect while deferring—or even avoiding—the need for certain [grid] upgrades"
2. Bitcoin mining found to be the Rolls Royce of flexible load
The report singled out one company for achieving "a 95% load reduction during peak demands (Riot Platforms 2023)."
Non-Bitcoin data centers were unable to demonstrate anything near this level of load curtailment
1/17
You've read many times Bitcoin is bad for the environment. But now you're confused. The media, sustainability magazines, even peer reviewed journals are saying it can support climate action.
Next-level greenwash?
There a reason the message has changed. Let's dive in
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2/17
The change in message has less to do with Bitcoin than something psychologists call "negativity bias"
Imagine it's 100,000BCE. You see an animal silhouette on the horizon. Is it your food, or you're it's food?Negativity bias says "assume in the negative and run!" (away)
3/17
We have done the same for all novel technologies from the telegraph to the Internet, in an unbroken 160-year stream of negative press for their first 15 years.
Even the innocuous-seeming bicycle did not escape this negativity bias !
10 images that forever changed our perceptions about Bitcoin and energy
1. Rhodes et al showed that flexible datacenters like Bitcoin mining allow grid owners to stack more intermittent renewable energy sources onto the grid
2. This powerful chart from @woonomic showed that Bitcoin mining is now more sustainable than the industries it can in theory obviate (banking, as a method of transacting. Gold, as a store of value)
3. This image from Dr Rian Dewhurst showed that unlike other industries, over 61% of all Bitcoin mining companies use sustainable energy or carbon negative energy sources.
This high adoption rate helps create more demand for renewable energy
4 new charts, based on the BEEST model used by Bloomberg Intelligence and Realvision
1. Bitcoin is now over 55% powered by sustainable energy
2. Bitcoin emissions have not increased in 4 years, despite rising hashrate and price 👇
3. Percentage-wise, Bitcoin mining is leading the world in methane mitigation, with 7.45% of all network emissions now being abated through methane mitigation
4. Bitcoin emission intensity has halved in the last 4 years, to be the lowest of any global industry