Bitcoin mining with excess energy

Bitcoin is showing that it's here to stay. Blackrock, the world's biggest asset manager, has even started to offer investments in Bitcoin.

It's hard to store energy from renewables such as solar and wind so, rather than turn them off when the energy is not required, they should be kept on and the energy used to mine Bitcoin.

Also, since Bitcoin miners can be situated right next to the energy source, if there are potential renewable energy sites that are unfeasible for domestic use these could be developed with the sole intention of mining Bitcoin.

All Bitcoin would be kept by Scotland as a treasury asset, similar to the company Microstrategy, with a view to 'hodling' for the long term.

Why the contribution is important

It will make use of otherwise wasted energy, spur development of renewables and create a wealth fund for the Scottish people.

by Patp123 on September 08, 2022 at 02:40PM

Current Rating

Average rating: 1.0
Based on: 3 votes

Comments

  • Posted by AngelaMLAnderson September 08, 2022 at 22:27

    There are much better ways of utilising energy we can't store.

  • Posted by Cvrtm September 09, 2022 at 16:20

    There are many way to store electrical energy (filling hydro reservoirs, creating potential energy at the top of coal mines, splitting water to create hydrogen for heating). If the ones we already have are deemed too hard, lets develop new ways rather than speculating on bitcoin just to have an highly volatile 'asset' that we then do nothing with.

  • Posted by lm0001 September 13, 2022 at 09:53

    Any excess energy should be used to manufacture goods that are actually useful to society at large, and power industries which create jobs even enough they have high energy requirements, such as aluminium manufacturing. Not just providing excess profits to the already wealthy financial sector.
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