Ark Invest and Square have teamed up to release a White Paper advocating for increased Bitcoin mining as a way to mold the future of clean energy. As expected, various popular figures in the crypto space like Anthony Pompliano, and Twitter’s Jack Dorsey took notice and threw insights into the new development, with Tesla’s Elon Musk accepting the research is “true.”
The Problem With Existing Energy Systems
Jack Dorsey’s Square made sure to share the contents of the White Paper in a Twitter thread.
While sharing some nuggets from the paper, the research pointed out that the current systems for renewable power, which include solar, wind, and fossil fuel, fall short of excellent in that they tend to provide too little power when the users are in dire in of it, and then ironically produce too much when the bare minimum is needed. This makes consistency a problem.
In some sense, batteries could be used to store power and partly fix the shortage problem, but batteries alone aren’t enough. They’re also expensive. In essence, the only way that the world can be sure of a consistent and economical full power cycle is through Bitcoin mining. The White Paper goes on to explain this.
Renewable Energy For Bitcoin Mining
According to a section of the paper, an increase in Bitcoin mining would increase the demand for constant power supply, thereby promoting the widespread installation of renewable power generation plants.
This would in turn reduce the world’s reliance on non-renewable power systems that have, for long, been the major contributors to global warming. Basically, what this means is that although Bitcoin mining has been cited as one of the contributors to global warming, eliminating the major culprits would greatly reduce these effects by focusing on renewable energy promoted by BTC mining.