Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

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

IANS
IANS
Meet the voice behind Indo-Asian News Service (IANS), a storyteller navigating the currents of global events with precision and depth. Crafting narratives that bridge cultures, IANS brings you the pulse of the world in every word

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

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”.

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.

Join 10,000+ Fellow Readers

Get Techgenyz’s roundup delivered to your inbox curated with the most important for you that keeps you updated about the future tech, mobile, space, gaming, business and more.

Recomended

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic