Cryptocurrencies will be bridge to 100% renewable energy, says expert
RIO DE JANEIRO, BRAZIL – Mike Colyer, CEO of Foundry Digital, the cryptocurrency mining subsidiary of Digital Currency Group, said that bitcoin mining could eventually help the world transition to fully sustainable energy production.
Speaking at the Crypto Mining Forum event, Colyer said he believes that once large energy companies perceive the economic benefits of mining cryptocurrencies like bitcoin, it could lead to a restructuring of capital and operations.
Calling bitcoin mining “a great stabilizer” for the power grid, the executive said the technology could become a “bridge between today’s power production and a world where 100% of our energy is produced from renewable sources.”
“Bitcoin mining provides a stable base load and is still intermittent to allow for grid stability,” Colyer said. “This creates a really powerful economic dynamic for renewable energy products,” the CEO said.
He added, “Nation-states, they can’t ignore that, and they will find ways to leverage their natural resources to engage in bitcoin mining […] At some point, bitcoin mining will look like a utility, and it will be a part of the critical infrastructure for countries.”
Colyer mentioned examples of the technology’s progress in the U.S., including lawmakers in Kentucky seeking tax incentives for local cryptocurrency miners and New York’s bitcoin mining company, Greenidge Generation, which operates a power plant that runs only when there is high demand.
According to the CEO, it could be a “10 to 20 year journey” to begin this transition to renewable energy, but bitcoin would likely play a major role.
According to Colyer, Digital Currency Group has now invested over US$225 million in U.S. cryptocurrency mining companies, apparently in an effort to make the country competitive with other countries’ operations.
China is still the leader in bitcoin mining, with a recent report suggesting that 75% of the world’s bitcoin mining is conducted in the country.
“The institutions have arrived. I can barely keep up with the daily news about new bitcoin mining companies. I always believed the U.S. would be a leader in bitcoin mining,” he said.
Source: Exame
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