Bitcoin mining becoming more sustainable, says expert
Bitcoin mining is becoming increasingly more sustainable and efficient, and having a genuine impact on energy markets, the Web Summit Qatar was told.
Tucker Highfield, Chief Financial Officer of Genesis Digital Assets Limited (GDA), turned the spotlight on how Bitcoin mining is driving innovation by integrating with renewable power sources, optimising grid efficiency, and repurposing waste energy.
GDA, with offices in Houston and Dubai, is one of the world's leading Bitcoin mining companies in terms of hash rate, and has just announced a near 10% increase in its total power capacity, further strengthening its position as a leader in the industry.
'Bitcoin mining is having a real impact on energy markets,' said Highfield. 'It's supporting renewable energy creation, it's reducing emissions, and even helping to lower heating costs. Every day that passes, Bitcoin mining becomes more sustainable and efficient, and ignoring it might be a costly mistake.'
Addressing attendees from the summit's new energy stage, he said: 'I know what some of you are thinking - Bitcoin mining wastes energy. The truth is that Bitcoin mining is one of the most flexible and sustainable energy consumers.
'Around 60% of Bitcoin mining already runs on clean energy, including hydro, solar, wind, and nuclear. Mining can take place anywhere, at any time, and is often located where energy is cheapest. This actually helps balance electricity grids.
'Bitcoin mining is not just using energy; it's actually allowing green energy projects to thrive. Specifically, at GDA, our miners use excess heat from data centres to keep buildings and greenhouses warm in sub-zero degree weather.
'They provide grid flexibility, turning off power when demand is high, and they are also reducing flare gas emissions by using stranded gas to mine Bitcoin instead of burning it.'
GDA has just announced the energisation of an additional 50MW of mining capacity across its Pyote and Vernon sites in West Texas, US. The company is leveraging next-generation mining hardware and infrastructure improvements to maximize efficiency without increasing its physical footprint.
The newly energised capacity will participate in Texas' demand-response programme, contributing to grid stability by adjusting energy consumption in response to peak demand periods. This underscores GDA's role as a responsible energy consumer and a key player in improving energy security in Texas.
'Bitcoin mining requires the highest levels of efficiency, and GDA continues to adapt and lead that change from out front,' said Highfield.
'This latest deployment gives our Texas operations the efficiency needed to compete at the top without sacrificing responsible energy use.' -TradeArabia News Service
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