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BITCOIN MINING IS AN IDEAL COMPLEMENT FOR GENERATION + STORAGE Bitcoin miners, on the other hand, are an ideal complementary technology for renewables and storage. Combining generation with both storage and miners presents a better overall value proposition than building generation and storage alone. As mentioned above, there will always be physical limitations to how much energy can be cost effectively stored without dissipation. However, the daily intermittency challenge can be met almost entirely with just a few hours of storage capacity. By combining miners with renewables + storage projects, we believe it could: 1 Improve the returns for project investors and developers, moving more solar and wind projects into profitable territory. 2 Allow for the construction of solar and wind projects even before lengthy grid interconnection studies are completed (as bitcoin miners can offtake the energy until selling to the grid becomes possible). 3 Provide the grid with readily available “excess”energy for increasingly common black swan events like excessively hot or cold days when demand spikes (e.g. the early 2021 outages in Texas). Note that this“excess”energy will also be quite useful as society’s electricity demands increase with the proliferation of electric vehicles and the electrification of all devices. In a sense, the unlimited appetite of miners allows them to eat whatever remains of the “duck’s belly.” Given these benefits, we believe it makes logical sense for utility-scale storage developers to augment their current battery offerings with bitcoin miners. 1. Zero Marginal Cost Energy, Max Webster. Dec 2020. 2. Cambridge Bitcoin Electricity Consumption Index. LONG TERM IMPLICATIONS We believe there are two large implications if bitcoin mining becomes normalized as an energy buyer of last resort. First, the amount of solar and wind energy on the grid could increase dramatically. As noted above, there’s currently >200 GW of delayed solar and wind capacity in the interconnection queues of just three U.S. electricity markets. For context, that’s approximately double the amount of solar and wind capacity currently installed there. As society starts deploying more solar and wind, we believe it should bring their LCOE even further down their cost curves, making the next batch of solar and wind even more affordable. If the LCOE falls, it could potentially unlock profitable new use cases for that electricity like desalinating water, removing CO2 from the atmosphere, or producing green hydrogen. Some experts in the field expect that the marginal cost of producing new electricity will actually approach zero.1 The second major potential impact could be a sizable transformation and greening of the bitcoin mining industry. It’s estimated that there’s only 10-20 GW2 of mining capacity worldwide today. Deploying miners at even 20% capacity with the above mentioned 200GW of delayed solar and wind projects on U.S. grids alone could result in 40 GW of new mining capacity, effectively dwarfing the entirety of the existing global market. Note that while many of these projects would likely be built “behind the meter”to utilize otherwise curtailed solar and wind power whenever possible, they would likely still mine with grid electricity during other periods when profitable to do so, so it wouldn’t be entirely green from day one. But if solar and wind become even less expensive and constitute an increasingly large portion of baseload power, the ultimate trend would continue moving quickly toward renewable dominated hashrate. We believe deploying such a large amount of new, geographically diverse hashrate would also have the second order consequence of strengthening the security of the Bitcoin network, potentially further entrenching bitcoin as a sound currency for all. Dissipation is the process of losing some stored energy as heat, also known as “heat loss”. Black swan events are low probability, high impact events like severe winter storms or heat waves. Utility-scale storage is large batteries deployed by utilities with storage capacity ranging from a few megawatt- hours (MWh) to hundreds of MWh. Interconnection queues are projects awaiting approval to supply energy to transmission grids. Behind the meter refers to using energy directly at the generation site without traveling through the grid. Hashrate is the total computational power securing the Bitcoin network. Bitcoin Clean Energy Initiative Memorandum April 2021 03PDF Image | Bitcoin is Key to an Abundant, Clean Energy Future
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