Bitcoin mining boosts the innovation of sustainable energy

Dec 4, 2021

Bitcoin mining boosts the innovation of sustainable energy

That bitcoin (BTC) mining is a waste of energy is a common argument against Bitcoin. It is true that the network consumes a lot of energy, and you might be shocked when you realize the network uses more electricity than countries like the Netherlands. But what if we told you that BTC mining is actually driving the innovation of clean energy?

Bitcoin mining is booming

Bitcoin is decentralized money. And as the bitcoin itself is purely digital, you may think it has no intrinsic value. The network was launched in 2009 and has since then gone through many tough times, from bear markets during which the price lost a lot of its value, to China banning bitcoin mining causing chaos on the crypto market. But after all these years, Bitcoin is still among us, stronger than ever!

In other words, for many investors, bitcoin is an interesting investment opportunity. A digital asset that is outside the reach of governments and has a monetary policy that makes BTC scarce and therefore a store of value like gold. It is therefore not surprising to see that the bitcoin mining industry is booming as well. Big companies and investors try to take their place in what could be the future of global finance.

BTC mining to help plants grow

The Bitcoin network now consumes an estimate of 200 terawatt-hours per year, more than Thailand. This energy is used to secure the Bitcoin network and process payments. The argument that this energy is completely wasted is untrue, on the contrary! We see many interesting innovative ideas where bitcoin mining and sustainable solutions are combined.

Let’s look at an example in Sweden. There the Boden Business Agency is partnering up with energy-intensive industries like bitcoin mining. Bitcoin miners produce heat, and this heat can of course be used for good purposes. For example, in Sweden, Genesis is heating up a large greenhouse with excess heat from bitcoin miners. So while the bitcoin miners are earning BTC, plants inside the greenhouse are enjoying the warmth.

Bitcoin miners warm up the city

The example above shows one of the many ways BTC mining can make operations more economically viable. From heating up greenhouses to converting unused green electricity to valuable bitcoins. Bitcoin can boost innovation on many fronts and GRN Energy is proud to be a part of it.