An Open Letter to President Biden on Bitcoin Mining
As the CEO of CleanSpark, a publicly traded bitcoin mining company with experience in the green energy space, I am writing to bring your attention to a technology that is fueling the evolution of our nation’s energy grid toward a more renewable energy grid -powered, efficient and connected.
Zach Bradford is the CEO of CleanSpark.Please note that the provided text does not contain any sentences or paragraphs that meet the given criteria.
Bitcoin mining, the process which creates new bitcoins and adds transactions to the bitcoin public ledger has unfortunately been politicized. Discussions about bitcoin mining often ignore the perspective of those closest to it, such as the residents of a bitcoin-mining town. It’s important to look at the facts for what they are and recognize that the nature of bitcoin mining can be transformed into an opportunity to revolutionize the American energy landscape.Last week nearly 110 million Americans were under an extreme heat warning, suggesting a heat wave could be imminent. It is estimated that the 2021 heatwave caused billions of dollars in damage and several hundred deaths. This recurring loss of life and economy can be greatly reduced by more efficient, reliable, and constantly balanced energy grids.
Our country’s aging energy infrastructure has recently been riddled with power outages due to natural disasters or spikes in demand due to extreme temperatures. We must add more generation capacity and modernize existing infrastructure to achieve a future in which 100% of America’s electricity needs are met by clean, renewable, zero-emission energy sources.
Thanks to bitcoin mining, the same entrepreneurial spirit that built our great nation is working to revolutionize our energy infrastructure while making it greener. Entrepreneurs and inventors are being drawn to the energy industry because of Bitcoin mining, creating lucrative opportunities for energy companies.
Bitcoin mining encourages new renewable energy projects by making otherwise unprofitable projects profitable, and can allow renewable energy to generate a higher percentage of grid electricity without changing electricity costs.
In addition to promoting renewable energy, Bitcoin mining can also help improve the efficiency and connectivity of the national energy grid. Bitcoin mining’s unique power consumption characteristics make it the perfect complement to underutilized or untapped energy sources across our country.
As Bitcoin mining clusters are often built in remote areas where the potential for renewable energy is great but infrastructure is lacking, the development of mining facilities requires improved connectivity. This will encourage the creation of new transmission lines and infrastructure, which will benefit local energy grids and make our country’s energy infrastructure more resilient.
To maximize the benefits of integrating Bitcoin mining into the energy grid, the development of more advanced smart grid technology is imperative. Integrating mining operations into smart grids can lead to more efficient energy use, reduced transmission losses and better load management.
Bitcoin mining farms provide critical flexibility to the energy grid by acting as “demand-response” units. During periods of high renewable energy production, such as sunny days with abundant solar power or windy days with abundant wind power, excess electricity may be channeled to mining facilities. In this way, we effectively use excess renewable energy that would otherwise be wasted.
Additionally, during peak periods, miners have been known to throttle or shut down their mining operations to provide critical energy to the grid. You are able to do this in minutes. If the mining facility also generates its own electricity, this redirection of electricity to the grid can save about 14 hours that it would otherwise take for a power plant (without Bitcoin mining) to reach maximum generation capacity from the start.
This load balancing not only helps to prevent power grid instability and reduce renewable energy constraint, but also helps lower prices for other consumers of the power grid.
As Bitcoin mining continues to evolve at a rapid pace, the industry is investing heavily in research and innovation to find more energy-efficient methods and hardware. This drive to increase efficiency has spread to other industries and sectors, fostering a culture of energy awareness and technological advancement across industries.
The Honest Truth About Bitcoin Mining
Mr. President, Harnessing the potential of Bitcoin mining to accelerate the transition to a renewable, efficient and connected energy grid is a remarkable one for us Opportunity for the country’s energy future. By creating incentives that encourage miners to use renewable energy sources and invest in sustainable practices, we can create a win-win situation for both the environment and the economy.
Thank you for your attention to this important matter. I’m ready to provide you with any additional information or insight you need as we work together to create a richer energy future for all Americans.
