Trending

Stories

Twitter and Tesla CEO Elon Musk Bat for Bitcoin as Future of Renewable Energy

Must Read

Arguing for Bitcoin as a key driver of renewable energy future on Earth Day, Twitter CEO Jack Dorsey and Tesla CEO Elon Musk have come forward to support the fast-growing cryptocurrency, saying that Bitcoin incentivizes renewable energy.

Dorsey’s digital payment services company Square and global asset management firm ARK Invest have jointly released a white paper on “Bitcoin as Key to an Abundant, Clean Energy Future”.

Also Read

In a tweet on Wednesday, Dorsey said: “Bitcoin incentivises renewable energy.”

Musk replied: “True,” after tweeting that starting next week, “Tesla Solar Panels and Solar Roof will only be sold as an integrated product ‘with’ Tesla Powerwall battery”.

In the white paper, Square and ARK Invest said that “the energy asset owners of today can become the essential bitcoin miners of tomorrow”.

The ‘Bitcoin Clean Energy Initiative’ has developed a short research paper as a “starting point to share our vision for how bitcoin mining — in conjunction with renewable energy and storage – is especially well suited to accelerate
the energy transition”.

To complement this work, ARK Invest has contributed an open-source model that demonstrates how bitcoin mining could augment these renewable + storage systems to supply a larger percentage of a grid’s base-load energy demand for comparable or lower cost unit economics.

“Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load, provide payout in a globally liquid cryptocurrency, and are completely location agnostic, requiring only an internet connection,” the paper read.

Bitcoin miners are an ideal complementary technology for renewables and storage.

“Combining generation with both storage and miners presents a better overall value proposition then building generation and storage alone,” the research paper noted.

“By combining miners with renewables + storage projects, we believe it could improve the returns for project investors and developers, moving more solar and wind projects into profitable territory,” it added.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan Samsung Galaxy A14 Launches in India with Impressive Features BGMI Returns: Battlegrounds Mobile India Now on Play Store Twitter Accuses Microsoft of Data Use Policy Violation GIFs take over Instagram comments, unleashing creative expressions! The First US State to Ban TikTok: Montana’s Bold Move Adobe Unveils New Product Line for Digital Marketing Advancements iPhone 15: Early Production and Design Changes for Improved Availability
Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan Samsung Galaxy A14 Launches in India with Impressive Features BGMI Returns: Battlegrounds Mobile India Now on Play Store Twitter Accuses Microsoft of Data Use Policy Violation GIFs take over Instagram comments, unleashing creative expressions! The First US State to Ban TikTok: Montana’s Bold Move