An Open Letter to President Biden Regarding Bitcoin Mining

Because the CEO of CleanSpark, a publicly-traded bitcoin mining firm with a background within the inexperienced power sector, I write to convey your consideration to a expertise that’s catalyzing the event of our nation’s power grid into one that’s extra renewable-powered, environment friendly and interconnected.

Zach Bradford is the CEO of CleanSpark.

Bitcoin mining, the method by which new bitcoins are created and transactions are added to Bitcoin’s public ledger, has been regrettably politicized. Usually the conversations about bitcoin mining ignore the attitude of these closest to it, like residents of a city with a bitcoin mine. It’s important to take a look at the info as they’re and acknowledge that the very nature of bitcoin mining may be became a possibility to revolutionize America’s power panorama.

Final week, practically 110 million People had been underneath excessive warmth advisories, suggesting {that a} warmth wave is perhaps imminent. The 2021 warmth wave is estimated to have resulted in billions of {dollars} in damages and a number of other hundred deaths. This recurring loss to life and financial system may be considerably decreased by way of power grids which are extra environment friendly, dependable and consistently load-balanced.

The getting older infrastructure of our nation’s power is dotted with latest cases of blackouts which have occurred due to pure calamities or demand peaks led by excessive temperatures. We have to construct extra producing capability and improve present infrastructure to comprehend a future the place 100% of the facility demand in the USA is met by way of clear, renewable and zero-emission power sources.

Because of bitcoin mining, the identical entrepreneurial spirit that constructed our nice nation is working to revolutionize our power infrastructure whereas making it greener within the course of. Entrepreneurs and inventors are drawn to the power trade due to bitcoin mining, which creates profitable alternatives for power ventures.

See additionally: Bitcoin Mining Has a Superpower

Within the final three years, the variety of bitcoin mining firms traded on Nasdaq has greater than tripled to twenty. An rising variety of these firms mine utilizing predominantly renewable sources of power as a result of that type of power is sustainable not just for the surroundings but in addition for enterprise.

Bitcoin mining encourages new renewable power tasks by making in any other case unprofitable tasks worthwhile, and may allow renewables to generate a better proportion of grid energy with no change in the price of electrical energy.

Along with selling renewable power, bitcoin mining also can assist enhance the effectivity and interconnectivity of the nation’s power grid. Bitcoin mining’s distinctive energy consumption traits make it the proper complement to underutilized or stranded sources of energy all through our nation.

As bitcoin mining clusters are sometimes established in distant areas the place renewable power potential is excessive however infrastructure is missing, the event of mining amenities requires improved interconnection. In consequence, this fosters the creation of latest transmission traces and infrastructure, benefiting the native power grids and making our nation’s power infrastructure extra resilient.

With a view to maximize the advantages of incorporating bitcoin mining into the power grid, the event of extra superior good grid expertise turns into crucial. Integrating mining operations with good grids can result in extra environment friendly power utilization, decreased transmission losses and higher load administration.

Bitcoin mining operations present essential flexibility to the power grid by appearing as “demand response” models. During times of excessive renewable power technology, resembling sunny days with ample solar energy or windy days with ample wind power, extra electrical energy may be directed to mining amenities. By doing so, we successfully make the most of surplus renewable power that may in any other case go to waste.

Furthermore, in periods of peak calls for, miners have been recognized to curtail or shut down their mining operations to provide crucial power to the grid. They’re able to do that in minutes. If the mining facility can be producing its personal energy, this redirection of energy to the grid can save roughly 14 hours {that a} energy plant could in any other case (within the absence of bitcoin mining) want to succeed in most technology capability from begin up.

Not solely does this load balancing assist forestall power grid instability and cut back curtailment of renewables, it additionally helps drive the value down for different customers of the grid’s power.

As bitcoin mining continues to evolve quickly, the trade is investing closely in analysis and innovation to seek out extra energy-efficient strategies and {hardware}. This drive for effectivity enchancment has spilled over into different industries and sectors, fostering a tradition of energy-consciousness and technological developments in varied industries.

See additionally: The Sincere Reality About Bitcoin Mining

Mr. President, leveraging the potential of bitcoin mining to speed up the transition to a renewable-powered, environment friendly, and interconnected power grid presents a outstanding alternative for our nation’s power future. By offering incentives that encourage miners to make use of renewable power sources and spend money on sustainable practices, we are able to create a win-win state of affairs for each the surroundings and the financial system.

I urge your administration to contemplate supporting initiatives that promote the mixing of bitcoin mining with our nationwide power grid’s improvement. This forward-thinking strategy can result in lasting advantages for our surroundings, financial system, and nationwide safety. Because the chief of our nice nation, your assist on this matter would undoubtedly be a momentous step in the direction of a cleaner and extra sustainable power future.

Thanks in your consideration to this crucial matter. I stand prepared to supply any extra data or insights it’s possible you’ll require as we work collectively to create a extra ample power future for all People.