Bitcoin will fund clean energy revolution, say defiant industry chiefs – The National
- Date: 18-May-2022
- Source: The National
- Sector:Financial Markets
- Country:Middle East
Bitcoin will fund clean energy revolution, say defiant industry chiefs – The National
Industry figures told a conference in London that best practice meant more than half of bitcoin mining by leading producers is powered by renewable energy sources and that the sector would fund a revolution away from waste to clean or lean energy production.
“You have a concept called grid congestion that exists where you might have a power plant that generates four gigawatts of energy, but the grid's [capacity] may only support half a gigawatt transmission — so three and a half gigawatts is wasted,” said Fred Thiel, chief executive of Marathon Digital Holdings.
Canada Computational Unlimited Corp co-founder Romain Nouzareth said bitcoin was being unfairly singled out as an environmental villain.