The discussion over the past few pages has things backwards. Backwards in the sense that as more low cost renewable energy comes online it pushes higher cost coal, gas, and nuclear plants out of service. That's where bitcoin mining comes in.
Bitcoin mining doesn't accelerate the green energy transition. Instead the availability of renewable energy makes it cost effective for miners to acquire old power plants, often coal, often with no other interested buyers, and repurpose them without concern for the environmental impacts and remediation obligations.
So while it's theoretically possible for miners to utilize zero-emission sources of electricity, in reality it's a tiny fraction of overall mining. Miners prefer fossil-fired energy because:
- Fossil fuel derived energy is more readily available at a lower cost thanks to renewables
- Fossil fuel energy better matches the 24/7 load characteristics of cryptocurrency mining
- Statutory and regulatory requirements increase the value of renewable energy for other things making fossil fuel energy more cost competitive when price is the only consideration
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