TD₿: Bitcoin is like Noise Cancellation for the Grid (a thread) by Level39
TL;DR To deal with the unreliability of intermittent renewable energy, power grids need dispatchable generation solutions like Bitcoin.
Hey Bitcoiners,
A few days ago, six members of Congress wrote a letter to the EPA asking them to “use all the authorities at their disposal” to require miners in the U.S. to report their energy use and emissions.
In the piece, you’ll find all the paper-thin arguments against Bitcoin mining that we’ve come to expect…they compare Bitcoin’s energy usage to a small country, chastise its rising electricity usage, and cite flawed data from the Digiconomist.
The Digiconomist’s model is borderline fraudulent at this point, and yet here we have our elected officials once again citing this data in a plea to authorities to hinder innovation in America.
They then go on to focus entirely on how mining can be bad for the power grid in states like Texas because it will put more stress on it…
“Moreover, states like Texas with relatively cheap electricity costs are experiencing an influx of cryptomining companies, raising concerns about the state’s unreliable electricity market and the potential for cryptomining to add to the stress on the state’s power grid.”
This letter, of course, ignores all the facts on the ground that show how Bitcoin mining is helping the grid today. Just last week, Bitcoin miners shut off their operations to help push power back to the grid, making it more resilient during a heat wave that pushed the grid to the brink.
Level39 wrote this excellent thread that explains the dynamics at play between the grid and demand response loads like Bitcoin mining that can be used to better balance the grid. (07/17/2022).
Bitcoin deserves better critiques, and America deserves more informed elected officials before they attempt to regulate a new technology they don’t fully understand.
Tick tock next block,
Cory Klippsten
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