Willy Woo, a well-known expert on Bitcoin, addresses the claim that bitcoin is harmful to the environment. He claims that BTC mining would be a crucial part of a shift towards renewables.
He also revealed that BTC miners will need to use more energy than they consume to have a meaningful effect on the transition to renewables.
Bitcoin Mining: Environmental Controversy
Willy woo’s tweet was a response to a thread from Daniel Batten, another Bitcoin influencer. Batten believes that criticisms of Bitcoin mining’s effect on the environment stem from the misconception that more energy consumption is bad and less is good.
Batten states that any scalable, renewable shift must generate at least three times as much power. Batten introduces demand response, which is a concept that allows consumers to be more flexible with their energy use by adapting their needs. According to the IEA, achieving net zero would require ten times more demand response.
Batten believes grid operators need more customers who can adapt to changing demands and be flexible. This is what he believes bitcoin mining fulfills. Batten mentioned the Texas Winter Storm and Summer Peak Demand instances, where BTC miners were forced to shut down their operations by grid operators.
BTC Mining Progress Towards Renewables
According to the second quarter survey by bitcoin mining council, the sustainable electricity mix for BTC mining is 59.5%. It is the fifth consecutive year that BTC mining has been dependent upon renewables for more than 50% of its power.
MicroStrategy CEO Michael Saylor stated that there is no industry that is more efficient or cleaner than MicroStrategy. Elon Musk, who recently suspended BTC payments from Tesla also stated that bitcoin’s energy source had made significant progress towards renewables. Tesla may therefore resume BTC payments.