Space Travel News
WIND DAILY
Wind and solar projects can profit from bitcoin mining
While other aspects of cryptocurrency mining still have environmental costs, such as metal depletion and hardware that becomes obsolete within a few years, the researchers said the results indicate that there are ways to mitigate some of the environmental costs of cryptocurrency mining and foster investments in renewable energy.
Wind and solar projects can profit from bitcoin mining
by Diane Tessaglia-Hymes for Cornell Chronicle
Ithaca NY (SPX) Nov 28, 2023

Bitcoin mining is often perceived as environmentally damaging because it uses huge amounts of electricity to power its intensive computing needs, but what if the mining process could be used to mitigate climate change instead of accelerating it?

A new study led by Cornell researchers investigated planned renewable energy projects across the U.S. and calculated each project's potential to profit from bitcoin mining during the precommercial development phase, when a wind or solar farm is generating electricity, but has not yet been integrated into the grid. The findings suggest some developers could be recouping millions of dollars, which could be invested in future renewable energy projects.

The study, "From Mining to Mitigation: How Bitcoin Can Support Renewable Energy Development and Climate Action," was published Oct. 27 in the journal ACS Sustainable Chemistry and Engineering and is authored by doctoral student Apoorv Lal and Fengqi You, the Roxanne E. and Michael J. Zak Professor in Energy Systems Engineering. Jesse Zhu, distinguished professor from the Western University of Canada, also contributed to the research.

The analysis showed that Texas is the state with the highest potential, with 32 planned renewable projects that could generate combined profits of $47 million using bitcoin mining during precommercial operations. The researchers determined that the Aktina Solar and Roseland Solar Projects in Texas - each with 250 megawatt capacities - were found to be the most profitable, generating a maximum profit of $3.23 million. The Western Trail Wind project, with a capacity of 367 megawatts, showed profitability of $2.65 million.

Projects in California produced the second highest amount of profits in the study, while Colorado, Illinois, Iowa, Nevada and Virginia had fewer installations but still show profitability.

"Profitability of a mining system hinges on periods of steady energy availability since renewable energy sources can vary significantly," said You, a senior faculty fellow at the Cornell Atkinson Center for Sustainability. "Therefore, it is important to site the mining farm strategically to maximize productivity."

As an example, You pointed to California, Colorado, Nevada and Virginia as states where solar installations were the only type of renewable energy project that proved profitable in generating bitcoin during the precommercial phase.

The researchers suggest several policy recommendations that could help improve the economic feasibility of renewable energy projects and reduce carbon emissions. One is to provide economic rewards for environmentally responsible cryptocurrency mining, such as carbon credits for avoided emissions.

"These rewards can act as an incentive for miners to adopt clean energy sources, which can lead to combined positive effects on climate change mitigation, improved renewable power capacity and additional profits during precommercial operation of wind or solar farms," Lal said. "We also recommend policies that encourage cryptocurrency-mining operations to return some of their profits back into infrastructure development. This would help create a self-sustaining cycle for renewable energy expansion."

While other aspects of cryptocurrency mining still have environmental costs, such as metal depletion and hardware that becomes obsolete within a few years, the researchers said the results indicate that there are ways to mitigate some of the environmental costs of cryptocurrency mining and foster investments in renewable energy.

The research was partially funded by the National Science Foundation.

Research Report:From Mining to Mitigation: How Bitcoin Can Support Renewable Energy Development and Climate Action

Related Links
Cornell Engineering
Wind Energy News at Wind Daily

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
WIND DAILY
Winds of change? Bid to revive England's onshore sector
London (AFP) Nov 17, 2023
When yet another winter storm hits Britain, Ellis Jacklin is happier than most, as he gets his energy at up to half the usual unit price. The mechanical projects engineer is part of a local green energy "fan club" run by his electricity provider which taps an onshore wind turbine near his home in East Yorkshire, northern England, to provide discounted power. Enrolled households get 20 percent off their bills when the turbine is spinning and they are using electricity, rising to 50 percent in esp ... read more

WIND DAILY
WIND DAILY
NASA uses two worlds to test future Mars helicopter designs

Spacecraft fall silent as Mars disappears behind the Sun

The Long Wait

Here Comes the Sun: Perseverance Readies for Solar Conjunction

WIND DAILY
Advanced Space's CAPSTONE operates one year at the Moon

Australians vote on name for home-made Moon rover

CAPSTONE marks one year in near rectilinear halo orbit

Bulgaria signs Artemis Accords at NASA Headquarters; Joins 31 Nations

WIND DAILY
Juice burns hard towards first-ever Earth-Moon flyby

Fall into an ice giant's atmosphere

Juno finds Jupiter's winds penetrate in cylindrical layers

Salts and organics observed on Ganymede's surface by June

WIND DAILY
Hubble measures the size of the nearest transiting Earth-sized planet

Webb detects water vapor, sulfur dioxide and sand clouds in the atmosphere of a nearby exoplanet

Webb follows neon signs toward new thinking on planet formation

Supporting the search for alien life by exploring geologic faulting on icy moons

WIND DAILY
US 'strongly condemns' N. Korean space launch

SpaceX Starship disintegrates after successful stage separation

Progress in Starship test launch, but ship and booster explode

Starship Test Flies Higher: SpaceX Marks Progress Despite Late Test Incident

WIND DAILY
China's BeiDou and Fengyun Satellites Elevate Global Weather Forecasting Capabilities

New scientific experimental samples from China's space station return to Earth

Shenzhou XVI crew return after 'very cool journey'

Chinese astronauts return to Earth with fruitful experimental results

WIND DAILY
Hera asteroid mission hears the noise

Hayabusa2 Unveils New Clues on Solar System's Beginnings from Asteroid Samples

SwRI-led Lucy observes first-ever contact binary orbiting an asteroid

SwRI-led Lucy mission shows Dinkinesh asteroid is actually a binary

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.