New Delhi: Arguing for Bitcoin as a key driver of renewable energys future on Earth Day, Twitter CEO Jack Dorsey and Tesla CEO Elon Musk have come ahead to help the fast-growing cryptocurrency, saying that Bitcoin incentivises renewable energy.
Dorsey’s digital fee providers firm Square and international asset manegement agency ARK Invest have collectively launched a white paper on “Bitcoin as Key to an Abundant, Clean Energy Future”.
In a tweet on Wednesday, Dorsey stated: “Bitcoin incentivises renewable energy.”
Musk replied: “True,” after tweeting that beginning subsequent week, “Tesla Solar Panels and Solar Roof will only be sold as an integrated product ‘with’ Tesla Powerwall battery”.
In the white paper, Square and ARK Invest stated that “the energy asset owners of today can become the essential bitcoin miners of tomorrow”.
The ‘Bitcoin Clean Energy Initiative’ has developed a brief analysis paper as a “starting point to share our vision for how bitcoin mining — in conjunction with renewable energy and storage – is especially well suited to accelerate
the energy transition”.
To complement this work, ARK Invest has contributed an open supply mannequin that demonstrates how bitcoin mining may increase these renewable + storage techniques to provide a bigger share of a grid’s base-load energy demand for comparable or decrease value unit economics.
“Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load, provide payout in a globally liquid cryptocurrency, and are completely location agnostic, requiring only an internet connection,” the paper learn.
Bitcoin miners are an excellent complementary expertise for renewables and storage.
“Combining generation with both storage and miners presents a better overall value proposition then building generation and storage alone,” the analysis paper famous.
“By combining miners with renewables + storage projects, we believe it could improve the returns for project investors and developers, moving more solar and wind projects into profitable territory,” it added.
