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Does Bitcoin Have an Energy Problem? 13 In the United States, in particular, there is an acute need for investment in the transmission and distribution (T&D) energy grid. As regulated utilities, energy companies are typically limited in both their means of generating revenue and the price they can charge consumers for energy. If energy companies build out a new revenue stream by setting up Bitcoin mining operations, then there will be more available capital to invest into grid and infrastructure improvements. As Bitcoin mining expands, so does the demand for off-peak energy and available investment for electrical grids. Greenidge Generation in Dresden, NY is an example of a power plant that took advantage of this by expanding into Bitcoin mining as a means for an additional revenue stream. Greenidge transitioned from coal-fired power generation to natural gas in 2017. In 2019, it set up 7,000 Bitcoin miners and used its energy production capabilities to mine Bitcoin with its excess energy. Given the price of bitcoin was ~$5,000 when Greenidge began the mining operation, the company now markets itself as a Bitcoin miner with its own power plant and even merged with a public company in March 2021. An additional benefit of Bitcoin mining’s mobility is the use of natural gas, which is primarily methane, at oil field sites to mine bitcoin. Part of the process of extracting oil leads to natural gas emission that needs to be removed in some way. It is usually not economically viable to transport the natural gas somewhere to be used. As a result, these gases have been historically burned (flared), or - even more environmentally damaging - released directly into the atmosphere (vented). ESG policies directly target the amount of natural gas that can be emitted at oil fields. When natural gas is flared, the methane in the natural gas is broken down into carbon. Unfortunately, flaring operations can be inefficient at breaking down methane and, as we touched on earlier, methane is more polluting than carbon. Companies like Crusoe Energy Systems, EZ Blockchain, Great American Mining and Upstream Data are taking advantage of an oversaturated natural gas market, the mobility of Bitcoin mining and the desire to reduce pollution by installing modular generator setups at oil fields which take otherwise flared or vented natural gas and efficiently turn it into electricity to mine bitcoin. This strategy makes energy producers more revenue-efficient and reduces their pollution footprint. Lastly, a side effect of all this energy use that we have not touched on in this report is the amount of heat that mining operations emit. Bitcoin mining operations have popped up in Iceland, Russia and other cold climates to curtail the cooling cost associated with mining. It is currently possible, and may become practical, to decrease HVAC costs and reduce the price of heating homes in cold climates using the heat emitted by bitcoin mining. There are even reports of miners using heat emissions to warm greenhouses and chicken coops. We can look towards these innovations for a glimpse into future applications of Bitcoin mining activity. Modular generator mining bitcoin using natural gas Credit: Upstream Data Inc.PDF Image | Does Bitcoin Have an Energy Problem
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