Bitcoin Mining Could Transform Energy Industry

According to the Arcan report, bitcoin mining has a potential that is still not fully exploited. Concerns about bitcoin’s excessive power consumption prevent its mass adoption, while it is mining that can solve real problems in the energy sector.

The report says that bitcoin mining can play a role in eliminating gas flaring problems. Theoretically, this is possible by modifying mining installations, thanks to which they could operate near oil wells.

The study suggests that miners can organize their activities near an oil well. A $1,000 investment in a bitcoin mining system could cut carbon dioxide by up to 6.32 tons per year, more than wind and solar power can provide (a reduction of about 3 tons).

Mining can heat houses

The report notes that miners can repurpose the heat generated from bitcoin mining for other things.

According to the report, the heat from bitcoin mining can be used to heat homes, offices, and other places during the winter. Thus, the operating costs for heating infrastructure facilities can be significantly reduced.

The study was conducted at a time when inflation in Europe exceeded 9%. Soaring inflation has played a role in pushing up energy costs, which have risen by more than 38% over the past 30 days.

The study also reports that ” Bitcoin mining can strengthen the power grid, improve renewable energy economics, reduce associated natural gas flaring, and reduce heating costs through heat reuse.”