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Highlights Bitcoin mining presents an opportunity to accelerate the global energy transition to renewables by serving as a complementary technology for clean energy production and storage. Solar and wind are now the least expensive energy sources in the world, but are hitting deployment bottlenecks primarily because of their intermittent power supply and grid congestion. Bitcoin miners as a flexible load option could potentially help solve much of these intermittency and congestion problems, allowing grids to deploy substantially more renewable energy. By deploying more solar and wind, these generation technologies will likely fall even further down their respective cost curves, bringing them closer to zero marginal cost energy production. Bitcoin is Key to an Abundant, Clean Energy Future In this memo, we aim to explain how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity. This deployment, along with energy storage, aims to facilitate the transition to a cleaner and more resilient electricity grid. We believe that the energy asset owners of today can become the essential bitcoin miners of tomorrow. 1. Special Report: Energy Backed Money, Satoshi Energy. Bitcoin Clean Energy Initiative Memorandum ABOUT THIS MEMO The Bitcoin Clean Energy Initiative has developed this short research paper as a starting point to share our vision for how bitcoin mining - in conjunction with renewable energy and storage - is especially well suited to accelerate the energy transition. To complement this work, ARK Invest has contributed an open source model that demonstrates how bitcoin mining could augment these renewable + storage systems to supply a larger percentage of a grid’s baseload energy demand for comparable or lower cost unit economics. This work is merely the beginning of what we hope will be a fruitful exploration of solutions to help usher in an abundant, clean energy future. A UNIQUE ENERGY BUYER Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load, provide payout in a globally liquid cryptocurrency, and are completely location agnostic, requiring only an internet connection. These combined qualities constitute an extraordinary asset, an energy buyer of last resort1 that can be turned on or off at a moment’s notice anywhere in the world. April 2021 Energy asset owners are the entities which own the power production plant once it is in commercial operation. Bitcoin Clean Energy Initiative (BCEI) is a project launched by Square in December 2020 to promote the use of clean energy in Bitcoin mining. Learn more about its origin here. Interruptible load is an end use of electricity, like mining bitcoin, which can be turned on or off quickly and easily. 01PDF Image | Bitcoin is Key to an Abundant, Clean Energy Future
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