Bitcoin Mining Can Revolutionize Energy Industry & Its Use, Says Arcane Research

2 mins
4 September 2022, 16:00 GMT+0000
Updated by Ryan James
4 September 2022, 16:00 GMT+0000
In Brief
  • Arcane research wrote that Bitcoin mining could help to revolutionize the energy industry.
  • The report stated that Bitcoin mining heat can be repurposed for other uses.
  • Europe is currently faced with a rising cost of energy.
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A recent report by Arcane research indicates that Bitcoin mining has the potential to revolutionize the energy industry. 

According to the report, Bitcoin mining operations hold potential that is currently being underutilized.

The report continued that Bitcoin mining can solve real-world problems in the energy sector, considering the fact that one of the major problems hindering the asset’s mass adoption is concerns about its energy usage. 

Bitcoin mining can work alongside wind and solar grids, which can sometimes generate unstable and non-controllable energy, due to low reaction cost.

The research noted that Texas’ Electric Reliability Council already uses Bitcoin miners to partake in only high-demand response programs to “strengthens a vulnerable wind and solar-powered electricity grid.”

The report also identified that Bitcoin mining could play a role in ending gas flaring problems. This can be possible through the modification of Bitcoin mining rigs to function and operate near oil wells.

The research suggests that miners can set up their operations next to an oil well adding that a $1,000 investment in a Bitcoin mining system can reduce up to 6.32 tons of carbon dioxide yearly. The estimate is more than that of wind and solar energy which is cumulatively around 3 tons.

Bitcoin mining heat can warm up homes

The report noted that miners can repurpose Bitcoin mining heat for other projects.

According to the report, the heat can be used to warm up homes, offices, etc during winter, depending on its applications.

This way, the operational costs for heating homes and other infrastructures during winters can be significantly reduced.

The research comes at a time when Europe’s inflation hit above 9%. The soaring inflation has played a part in increasing the energy costs which have surged by over 38% in the last 30 days.

Bearing this in mind, Arcane Research wrote that “Bitcoin mining can strengthen electricity grids, improve the economics of renewable energy, mitigate natural gas flaring, and lower heating costs by repurposing the heat.”

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.