#018: Should Bitcoin mining companies only mine Bitcoin?
#018: Should Bitcoin mining companies only mine Bitcoin?
As more Bitcoin mining companies move into the AI datacenter space, one company, MARA, took a different approach. They started mining another Proof of Work digital currency.
We’ll cover that in story in full below. First, here’s some of top ESG wins for Bitcoin in the last month.
Top Picks
A new paper exploring Bitcoin mining’s potential to bolster variable renewable energy sources and enhance grid stability has just been released. The research by Satoshi Action Education suggests Bitcoin mining is a perfect fit for demand response programs, a vital contributor to grid reliability, and a key player in the shift toward sustainable energy.
These findings contradict earlier, now debunked, studies which incorrectly concluded that Bitcoin mining would destabilize grids. I’ve collected a list of common misconceptions about Bitcoin mining’s ESG impact and their responses here.
Trailblazers
Grid Share, a New Zealand-based company using renewable hydro energy that is often wasted during the rainy season, is venturing into methane-powered Bitcoin mining. They’re already operating a Bitcoin mining facility at the Monowai Hydroelectric Power Station which provides demand response services that help stablize the grid. They are now exploring landfill methane capture for mining.
Monowai Hydroelectric Power Station HIVE Digital Technologies is planning to establish a 100MW Bitcoin mining facility in Paraguay, tapping into green energy from the Itaipu Hydroelectric Dam. This project will boost HIVE's mining capacity by 6.5 EH/s, while also supporting demand response and contributing to grid stability in the region.
Features
Work by the Digital Assets Research Institute and myself was recently spotlighted by the International Business Times. The article recognized the Bitcoin mining sector's progress toward zero-emission goals.
I also recently joined Austrian economist Alessandro Ottaviani on his podcast, 'BTC as Store of Value,' to discuss Bitcoin’s role in sustainable energy and environmental preservation. Listen to the episode (31 min).
Lastly, our analysis in Issue 12, titled ‘China Never Banned Bitcoin Mining,’ was featured by Bitcoin Magazine. It’s helping change the incorrect narrative that Bitcoin mining routinely gets banned by really big nation states due to environmental impact.
This research came directly out of this newsletter, and I could not have dedicated the time to this depth of analysis without your sub, so thank you! This is your victory too.
