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Bitcoin BTC BTCUSDT

How Bitcoin Could Turbocharge Solar And Wind Energy, Ark Research Says

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Uncategorized
0

Bitcoin is considered an energy-demanding network. This has brought negative attention from politicians, regulators, institutions, and individuals that claimed the digital asset is contributing to global warming.

Related Reading | Harmony Dangles 2 Billion Tokens To Pay Back Hack Victims – Who Aren’t Happy With Plan

However, there are many trying to harness the Bitcoin network to create sustainable systems and mechanisms using renewable energy. The Cathie Wood-led Ark Invest has been at the forefront of these efforts.

Ark Invest researcher Sam Korus recently shared a way in which Bitcoin mining could be leveraged to “harness natural gas emissions”. In the oil and gas industry, there are billion of cubic meters of natural gas released into the atmosphere.

These resources could be used to power the Bitcoin network, incentivize network participants to secure the asset, and transform what otherwise would be wasted energy into a useful resource. As seen below, there are 265 billion cubic meters of natural gas wasted each year.

Bitcoin BTC BTCUSDT Ark
Source: Ark Invest

Around half of these wasted natural gas comes from methane emissions while the other half originates from gas flaring emissions. As Korus noted, the Bitcoin network only needs 25 billion cubic meters of natural gas to operate.

Natural gas flaring is an important part of the processes that support the oil and gas industry. Companies use this mechanism to dispose of unwanted components and to run maintenance, testing, and safety processes in oil wells.

Thus, Korus believes Bitcoin miners should use methane emissions and convert them into electricity. This would represent a significant improvement for the sector in terms of electricity cost and incentivize more operators to adopt this mechanism, which would contribute to the reduction of carbon emissions. Korus wrote:

Our research suggests that installing natural gas generators at well sites and using methane that otherwise would be vented could generate electricity at a cost much lower than public bitcoin mining companies pay today.

Bitcoin BTC BTCUSDT Ark 2
Source: Ark Invest

Bitcoin The Best Choice To Support Renewable Energy Models?

Unlike other solutions to dispose of methane gas, Bitcoin mining is scalable, transportable, and flexible. In fact, many companies in the oil industry have begun joining forces with BTC miners to transform wasted material into electricity and a worldwide adopted asset.

This implementation is more practical than building entire infrastructures to transport the gas or move entire populations near oil wells. Mark Le Dain, Vice President of Strategy at oil company Validere said the following about the potential for Bitcoin to contribute to carbon emission reduction:

It helps cut emissions at (an oil) producer level, but also globally by reducing mining in parts of the world where coal is likely the power source (…).

Related Reading | Bitcoin Breaches Past $21,000 After IMF Clarifies Crypto Doesn’t Threaten Financial System

Korus believes regulators should encourage this model by introducing “carbon abatement pricing plans” and incentivizing more BTC miners to work with the oil industry. At the time of writing, BTC’s price trades at $21,600 with a 4% profit in the last 24 hours.

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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