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One could read up on how bitcoin mining is being used in the west Texas Permian Basin to help reduce flared methane gas. Or, how electric companies could mine b

One could read up on how bitcoin mining is being used in the west Texas Permian Basin to help reduce flared methane gas. Or, how electric companies could mine bitcoin to provide their grids with power consumption for demand/supply load balancing, enabling them to produce more green energy that would otherwise be feasible. One just has to be willing to look at the facts rather than repeating environmentalist characterizations of bitcoin technology as bad.

rocqua 5y ago
If you have mining rigs that you use for load balancing your electric network, wouldn't you want to run them 24/7? Especially because of your upfront capital costs for buying the mining rigs. Would be cool though if a day with little wind would make for a perfect time to do a 50% attack.
- jkepler 5y ago
  Good question. I'm not sure if the details, but you could learn more here: https://oilmanmagazine.com/how-and-why-natural-gas-flaring-is-being-used-to-mine-bitcoin/ https://oilmanmagazine.com/how-and-why-natural-gas-flaring-i... https://www.reuters.com/business/sustainable-business/oil-drillers-bitcoin-miners-bond-over-natural-gas-2021-05-21/ https://www.reuters.com/business/sustainable-business/oil-dr... Part of the key is that when there's an increase in power demand in a grid, they usually have to use more expensive sources of power, but if they can temporarily shut off their bitcoin mining to meet demand spikes, they can more efficiently manage their network load. https://www.coindesk.com/policy/2021/10/11/bitcoin-mining-is-reshaping-the-energy-sector-and-no-one-is-talking-about-it/ https://www.coindesk.com/policy/2021/10/11/bitcoin-mining-is... https://www.cnbc.com/2021/12/04/bitcoin-miners-say-theyre-fixing-texas-electric-grid-ted-cruz-agrees.html https://www.cnbc.com/2021/12/04/bitcoin-miners-say-theyre-fi... https://bitcoinmagazine.com/business/bitcoin-mining-fits-texas-energy-grid https://bitcoinmagazine.com/business/bitcoin-mining-fits-tex... I don't know a lot about energy grids, and would love to hear from someone who does, but it sounds like bitcoin is a new technology that could provide incredible efficiencies to electricity grids' ability to balance their loads and supply consumers with greener energy overall.
  - sofixa 5y ago
    > Part of the key is that when there's an increase in power demand in a grid, they usually have to use more expensive sources of power, but if they can temporarily shut off their bitcoin mining to meet demand spikes, they can more efficiently manage their network load Or they can do anything else more useful with the excess energy, like store it ( fill batteries, pumped up hydro, hydrogen, etc.), power energy intensive processes, etc. Or, with flexible power plants, lower production temporarily when it's not needed. Bitcoin literally brings nothing besides a way to waste electricity, but there are many other ways to do that.
  - notacoward 5y ago
    I read the articles. It's not at all clear how bitcoin mining is actually helping here. All they're doing is adding another consumer. Two of the articles use that exact phrase - adding another consumer. So yes, it reduces emissions, but only by using the otherwise-wasted gas to power something. Are bitcoin rigs the best thing they could be powering? Seems to me they're just the most profitable way to use that excess energy ... this week. In other words, they help maintain incentives for drilling. If you want to suggest that others be "willing to look at the facts" then please look at the facts yourself, instead of claiming they exist and then disavowing with "don't know a lot" when people actually look into them.

rocqua 5y ago

If you have mining rigs that you use for load balancing your electric network, wouldn't you want to run them 24/7? Especially because of your upfront capital costs for buying the mining rigs. Would be cool though if a day with little wind would make for a perfect time to do a 50% attack.

jkepler 5y ago
Good question. I'm not sure if the details, but you could learn more here: https://oilmanmagazine.com/how-and-why-natural-gas-flaring-is-being-used-to-mine-bitcoin/ https://oilmanmagazine.com/how-and-why-natural-gas-flaring-i... https://www.reuters.com/business/sustainable-business/oil-drillers-bitcoin-miners-bond-over-natural-gas-2021-05-21/ https://www.reuters.com/business/sustainable-business/oil-dr... Part of the key is that when there's an increase in power demand in a grid, they usually have to use more expensive sources of power, but if they can temporarily shut off their bitcoin mining to meet demand spikes, they can more efficiently manage their network load. https://www.coindesk.com/policy/2021/10/11/bitcoin-mining-is-reshaping-the-energy-sector-and-no-one-is-talking-about-it/ https://www.coindesk.com/policy/2021/10/11/bitcoin-mining-is... https://www.cnbc.com/2021/12/04/bitcoin-miners-say-theyre-fixing-texas-electric-grid-ted-cruz-agrees.html https://www.cnbc.com/2021/12/04/bitcoin-miners-say-theyre-fi... https://bitcoinmagazine.com/business/bitcoin-mining-fits-texas-energy-grid https://bitcoinmagazine.com/business/bitcoin-mining-fits-tex... I don't know a lot about energy grids, and would love to hear from someone who does, but it sounds like bitcoin is a new technology that could provide incredible efficiencies to electricity grids' ability to balance their loads and supply consumers with greener energy overall.
- sofixa 5y ago
  > Part of the key is that when there's an increase in power demand in a grid, they usually have to use more expensive sources of power, but if they can temporarily shut off their bitcoin mining to meet demand spikes, they can more efficiently manage their network load Or they can do anything else more useful with the excess energy, like store it ( fill batteries, pumped up hydro, hydrogen, etc.), power energy intensive processes, etc. Or, with flexible power plants, lower production temporarily when it's not needed. Bitcoin literally brings nothing besides a way to waste electricity, but there are many other ways to do that.
- notacoward 5y ago
  I read the articles. It's not at all clear how bitcoin mining is actually helping here. All they're doing is adding another consumer. Two of the articles use that exact phrase - adding another consumer. So yes, it reduces emissions, but only by using the otherwise-wasted gas to power something. Are bitcoin rigs the best thing they could be powering? Seems to me they're just the most profitable way to use that excess energy ... this week. In other words, they help maintain incentives for drilling. If you want to suggest that others be "willing to look at the facts" then please look at the facts yourself, instead of claiming they exist and then disavowing with "don't know a lot" when people actually look into them.