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Recent Trends In Bitcoin Mining And Energy

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The world is evolving constantly; it is no longer the same. And the pace of this shift is accelerating. The “new normal” is actually a state of perpetual change and the only constant changes. Everywhere we look, there are paradigm shifts happening, and anyone who doesn’t grasp this will soon get left behind. 

Bitcoin has already and will continue to transform the world in ways that go beyond money. We are also dealing with a new energy revolution. And those who don’t stay on top of the latest developments risk being disrupted. 

Let’s Check Recent Trends In Bitcoin Mining And Energy

Let’s have a look at the recent trends in the energy market that are a reflection of what is on the rise and what can be anticipated by many investors across the globe. 

  • Operations for renewable energy generation will be multidirectional

Hydroelectricity accounts for a sizable component of Brazil’s energy production. Additionally, the country has a number of reservoirs, which are essentially flat surfaces with a high amount of sunshine because Brazil is a tropical nation.

The hydroelectric substation will be integrated into these reservoirs’ future use as solar production parks, enabling the transmission of the energy produced by these parks to the electrical grid. Wind turbines will also be constructed in windy areas, expanding the utilization of the business. This reasoning is applicable to all nations where wind and solar energy are practical in the same area, not only Brazil.

  • The use of renewable energies will be growing rapidly 

There is no turning back from the renewable energy shift now. This industry will become more productive over time. In the right locations, wind and solar energy are already the least expensive and most effective forms of energy production. This trend will become more pronounced as public demand for a cleaner energy matrix and increased research funding grow.

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Another problem is that the invasion of Ukraine and its aftermath have damaged the idea that fossil fuels are reliable sources of energy. Unlike oil and natural gas, which depend on huge global producers, have a convoluted supply chain, and are more influenced by geopolitics, the production of renewable energy can typically be done at or close to consumption locations.

Natural gas is the only fossil fuel that consistently maintains its viability as a source of energy over the long term.

  • Waste of idle energy stands at zero 

Humanity created technology in 2009 that made it possible to sell stranded energy. What is that technology’s name? Bitcoin mining. It is now possible to turn energy into money via this procedure, regardless of where the energy is located. The majority of this excess gas is currently flared since using it would be unprofitable. This situation has altered with bitcoin mining, and there is a strong propensity for this gas to be used as fuel for bitcoin mining operations. With that, wasted gas became profitable. This reasoning is illustrated by Exxon’s 2021 plan to launch a test project for mining bitcoins.

The same reasoning can be used to account for any other stranded energy source that is only marginally accessible, such as biogas and energy derived from landfills and wastes.

  • Adopting distributed generation 

Before the start of the previous decade, distributed energy generation was nonexistent. Since then, the use of this generation method has increased dramatically. Given that this generation’s penetration is still in its early stages, this tendency will last for a very long period.

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Individual users will eventually be able to create their own tiny electricity generators or join small cooperatives like clubs or condominiums and put their own solar panels on the roofs of their residences.

  • Collaboration of energy sectors and bitcoin mining 

Energy and bitcoin mining is now thought of as two separate industries, but they will eventually combine. The energy sector finds bitcoin mining to be appealing due to its properties, which is evident in the industry’s infancy. According to the reasoning in the paragraph above, power plants will start using bitcoin mining to make money off of their unused energy.

  • Viable electric grids make energy cheaper for consumers 

Electrical grids are currently built to generate electricity to satisfy peak demand. Since there are no practical means to store this energy, it is typically inactive when demand is not at its highest. 

Building larger networks is made possible by bitcoin mining as a method to make money from extra energy. These networks won’t have to be tied to calculations that emphasize cutting waste and aiming for peak demand, which is always subject to error and the possibility of blackouts. 

The price of energy will significantly reduce as a result of this logic since there will be no need to tax the ultimate user for the generation of surplus energy.

  • Increasing energy generation capacity 

The effects of a technology that enables the commercialization of stranded and idle energy are extensive and significant. Because it is not practical to transfer and store this energy, we currently do not utilize a major amount of the energy produced. This logic will be turned around thanks to bitcoin mining. Numerous inaccessible energy sources will start to make financial sense. 

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The potential for solar energy production is enormous in areas like deserts. 

Islands formed by volcanoes have tremendous potential for producing geothermal energy. 

These energy sources could not have been exploited by humanity since there was no nearby consumer market. This dynamic has changed with the development of a technology that makes it possible to profit from unused energy.

Conclusion 

Finally, it is important to keep in mind that energy is the only form of universal money. Therefore, the only form of poverty is energy poverty. Similarly, increased energy availability will spark a major revolution in human history.

Aliya Hussain
Aliya Hussain
Aliya Hussain - an aspiring lawyer, and an avid reader, loves to write & journal and enjoys a game of squash as her hobby.

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