Bitcoin mining has been in an awkward state for nearly a year now, due to high electricity costs combined with a lackluster Bitcoin value. Mining Bitcoin requires a certain base value of BTC for most miners, and even those who can keep mining costs low in general, need to find alternative solutions. Renewable energy can play an important role in the Bitcoin mining business over the next few years.
Is Renewable Energy A Viable Solution?It is no secret how the generation of electricity is slowly starting to drain the planet’s resources. Renewable energy sources are becoming more and more popular, although setting up the wind- and water-based energy solutions is still a costly manner. But a recent report by Stanford researcher Mark Jacobson might change the way we think about renewable energy.
Turning the entire United States into a 100% renewable energy grid – without relying on batteries- would not be an easy feat. Using wind turbines sounds like a valid idea on paper, yet the amount of machines needed would make hurricanes look like a minor breeze stroking your hair. Messing with Mother Earth’s ecosystem is not always a good thing, but that doesn’t mean there are no solutions.
One of the main things to take into consideration is creating a stable grid to ensure all of the intermittent generators are up and running at optimal capacity on a 24/7 basis. Instead of looking at traditional solutions like fossil fuel or nuclear solutions, a combination of heat storage and hydrogen production would be sufficient to pull off this effort.
http://themerkle.com/news/bitcoin-mining-and-renewable-energy-solutions-are-mutually-beneficial/
