For the longest time, bitcoin mining has been a significant concern for environmentalists who argue it causes adverse effects on the climate. The uproar sent specialists to the drawing board to figure out a solution, and now a technological convergence holds all the answers.
A research report by BitcoinCasinos.com shows that combining bitcoin mining with solar systems could be the answer. Edith Reads, the research lead at the site, commented that the technological merge would allow bitcoin miners to ‘buy’ any excess energy. “All we have to do is increase the size of the battery by 4.6X and the solar system would provide more than 99% of end-user electricity demand, without sacrificing profitability.”
She added that merging the two technologies can enhance the scaling and reliability of solar grids while maintaining the levelized cost of electricity.
Hybrid Power Plants for Bitcoin Mining Worth Considering
Power plants are now turning to intermittent bitcoin mining, which is increasing in popularity by the day. Hybrid plants are now incorporating batteries into the solar systems together with bitcoin mining machines, which are better suited for intermittent energy sources.
Renewable energy sources such as solar and wind aren’t entirely reliable. As a result, power plants powered by these sources often face outages and fluctuations in power generation. Bitcoin miners can quickly adapt to these interruptions, which is not the case for other energy consumers.
Incorporating bitcoin mining machines alleviates the stress caused by the power plants on the electric grids. The energy demand from the miners becomes the floor price for the project, making it a more lucrative investment venture.
The Economic Effects of Intermittent Bitcoin Mining
For starters, bitcoin miners need to develop strategies that allow them to keep operating with unreliable power sources. They must design ways to determine how much power they need when it is available and what kind of mining firmware they need to energize their machines.
The hardware’s lifespan is also a crucial factor to have in mind. Although the mining machines don’t operate at total capacity, including minimal hashing would be an ideal way to prevent a complete shutdown.
An excellent strategy to achieve this is by using load-balancing programs that preserve the mining firmware and keep it running even when demand is at its peak.
Despite intermittent bitcoin mining providing a feasible solution for miners, it has raised several misunderstandings in the industry. Gnosis CEO, Martin Köppelmann, tweeted that the idea required ‘mental gymnastics’, to which Ethereum’s Vitalik Buterin added that it made no sense at all.