Latest news with #DanielBatten
Yahoo
6 days ago
- Business
- Yahoo
Pakistan to mine bitcoin with vast amounts of excess energy
Pakistan has announced a national plan to mine bitcoin with 2,000 megawatts (MW) of excess electricity. Led by the Pakistan Crypto Council (PCC), the initiative is backed by the Pakistani Ministry of Finance, and follows the recent legalisation of cryptocurrencies in the country. The PCC has held talks with several mining firms, while also reportedly appointing Binance founder Changpeng Zhao as a strategic adviser in order to push the project forward. The 2,000 MW of surplus electricity, which will come from three underused coal-powered plants, could generate up to 17,000 BTC per year – equivalent to $1.8 billion at current prices – according to estimates from bitcoin mining researcher Daniel Batten. Pakistan has an estimated 15 to 20 million cryptocurrency users, with the latest project aimed at stimulating investment in the space. The PCC said the programme will 'monetise unused energy, create high-value jobs, attract billions of dollars in foreign direct investment, and increase public revenues,' according to local reports. The decision to allocate surplus electricity for bitcoin mining comes amid a broader trend of crypto adoption and integration from institutions and governments around the world. This move away from a fringe asset class has helped push bitcoin to new highs, with a record-breaking rally seeing its price rise above $110,000 for the first time in its history last week. 'Bitcoin's latest all-time high is no surprise to those who understand its long-term fundamentals,' Seamus Rocca, chief executive of Xapo Bank, told The Independent. 'This moment reflects growing institutional conviction, a more constructive regulatory outlook, and the continued maturity of the asset. But importantly, it is not bitcoin's defining moment; it is one of many to come. 'With rising institutional participation, greater understanding of the asset among governments, and new ways for people to store, transact and grow their digital wealth, bitcoin is steadily cementing its role as a cornerstone of the future financial system.' Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Researchers uncover unlikely factor easing pressure on national power grid: 'A lot of [people] were skeptical'
Experts involved with the power-hungry cryptocurrency sector are trumpeting a Duke University study that suggested energy-gobbling crypto mining can actually help bring balance to a challenged grid. The answer, per the experts, is better planning by taking advantage of flexible loads. This means powering down during peak demand or using other (preferably renewable) energy sources until the grid is stable. It's news bitcoin investor and analyst Daniel Batten said in an X post that he has waited 34 months to hear. "I said that Bitcoin mining helps avoid expensive grid upgrades and decarbonize grids, a lot of non-Bitcoiners were skeptical. Now, a Duke University report confirms all this," he posted. Alongside crypto, another issue is the loads of power consumed by data centers that provide the brains for artificial intelligence and other services. The centers are estimated by the Department of Energy to consume 12% of U.S. electricity by 2028, needing constant power. Crypto mining, commonly for Bitcoin, uses up to an estimated 2.3%, per other government data. The alternative currency is "mined" when advanced computers solve puzzles to form blocks, which are linked to form chains to unlock coins as part of a verification process, all per Fidelity. There are a few variations for how the process works, some more energy-intensive than others, and numerous types of cryptocurrency platforms and coins as a result. High energy need is a common theme among all of the powerful computing across both industries, but crypto's use is more flexible. The Duke analysis focused on 22 of the country's largest balancing authorities. They manage energy supply regionally, according to the U.S. Energy Department. "Flexibility, in this context, refers to the ability of end-use customers to temporarily reduce their electricity consumption from the grid during periods of system stress by using on-site generators, shifting workload to other facilities, or reducing operations. When system planners can reliably anticipate the availability of this load flexibility, the immediate pressure to expand generation capacity and transmission infrastructure can potentially be alleviated, mitigating or deferring costly expenditures," the experts wrote in the study. Mara Holdings, a digital assets and energy firm from Florida with a strong presence in Texas as well, said — citing Duke's work — that better planning can help the grid to accommodate "new load" that's equal to 10% of the nation's peak demand without adding infrastructure. "Bitcoin mining fits this model well, providing utilities with a scalable, controllable load that can improve grid efficiency and stability," Mara's team wrote. Do you think our power grid needs to be upgraded? Definitely Only in some states Not really I'm not sure Click your choice to see results and speak your mind. It's part of crypto's complicated relationship with the grid, often highlighted for causing price spikes for residential customers — particularly in its earlier days, before some of the more recent adaptations. Bitcoin still uses a lot of energy, though, creating challenges that efforts like these are trying to solve. Energy Star reported that one transaction uses more energy than is needed by six houses in a day. The International Monetary Fund, or IMF, added that data centers and coin mining produce nearly a full percent of Earth's heat-trapping air pollution, since many crypto miners are still running on grid power or self-owned natural gas facilities, and much of the world's grids are still using high rates of dirty fuels. The planet-warming gases from those aging processes are linked by NASA to increased risks for infrastructure-threatening severe weather, not to mention risks for accidents such as oil spills. The storms, combined with a strained electricity system, are making blackouts more common. Efforts are underway in Paraguay to use cleaner hydro to power the computing. Meta is among companies stateside investing in solar power to offset data center consumption, though the Facebook owner company has also been criticized for plans to build natural gas power generation. Meta and many other companies running data centers, such as Google, OpenAI, and Amazon, have been exploring nuclear power solutions as well — not as good as renewable, but generally better and cleaner on balance than fossil fuels, albeit with safety risks. Either way, with AI and crypto forecast to grow, even as news like the Duke study can offer signs of hope, much change is still needed to counter the tech industry's energy use and resulting pollution, which is a "cause for concern," per the IMF. For now, anyone can contribute to saving energy even just in small ways, such as unplugging unused devices and chargers and not cranking the heat or AC as hard, but even better would be installing rooftop solar panels. In all cases, moves that reduce air pollution will also cut your power bill. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
20-03-2025
- Business
- Yahoo
Analyst uncovers unexpected source powering crypto industry: 'The future of bitcoin mining'
Bitcoin is often criticized for its high energy use, which contributes to planet-warming pollution. However, as The Crypto Times reported, one climate tech investor wants to get the word out that bitcoin derives the biggest share of its energy from a potentially unexpected source: hydroelectric power. Daniel Batten's findings show that the bitcoin network gets 23.12% of its energy from hydroelectric sources, with coal and gas sources following at 22.92% and 21.14%, respectively. This updates findings from the Cambridge Centre for Alternative Finance, which previously identified coal as bitcoin's largest energy source. However, the CCAF report confirmed that the estimate was limited, at least in part, by limited real-world data. According to The Crypto Times, Batten's difference comes from including off-grid mining operations using renewable energy. "The study by Daniel shows that the future of Bitcoin mining indeed belongs to hydro power," the Crypto Times said. While bitcoin operations don't directly produce pollution, their computing processes require massive amounts of electricity. That means when bitcoin data centers are connected to power grids relying mostly on dirty energy (such as coal, gas, and oil), it increases local air pollution, in addition to putting a strain on those grids. That problem is beginning to subside as more bitcoin mining operations strike deals to gain their own dedicated power sources — as Mara Holdings, whose advisory board includes Batten, recently did with a Texas wind farm — or to operate exclusively on excess energy from plants that have a habit of overproducing. Looking forward, it's crucial for the industry to continue to mitigate these environmental effects and get those coal and gas percentages down into the single digits. According to the North American Electric Reliability Corporation, reporting in late 2024, its estimates for electricity demand are rising faster than at any point in the last 20 years, and crypto and artificial intelligence data centers are complicating demand forecasts. Their ability to scale also strains energy grids and can make them less stable. Plus, higher demand generally means higher electricity bills for consumers. The good news is it benefits crypto miners to seek the lowest electricity prices, since their profit margins depend on it. Renewable energy is typically cheaper, and it's much cheaper once built, so increasing renewables is a win-win for crypto and the environment. Energy innovation is essential for this transition. For example, methane pollution from landfills — the third-largest source of human-related methane pollution in the U.S. — can be used for energy. So Vespene Energy developed technology that converts landfill gas on-site to power data processing centers, which offsets gas pollution and generates revenue at the same time. Inspiring such efforts is one example of how these energy-intensive industries can be part of the solution. Bitcoin mining can also support the transition to green energy with financial incentives, according to sources. A study in ACS Sustainable Chemistry & Engineering found that 32 planned renewable sites could generate $47 million in profit by supporting bitcoin mining before going commercial. Should the government ban gas stoves? Yes Only in new buildings Only in restaurants No way Click your choice to see results and speak your mind. We've seen some crypto investors prioritizing clean energy for mining facilities. However, as the world's largest crypto asset, bitcoin must make more progress for the industry to become sustainable. "Bitcoin relies on miners using powerful computational power to solve complex puzzles, consuming massive amounts of energy. Crypto mining's future relies on embracing sustainable and ethical practices to ensure it's not just green but genuinely clean," Tin Pei Ling, co-president of digital asset platform MetaComp, told Financial News. "It is in the industry's interest to reduce energy usage and its environmental impact as it evolves," added David Lenigas, chair of Vinanz, a London Stock Exchange-listed bitcoin mining firm. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
