Can Bitcoin mining really support renewable energy?
Can Bitcoin mining really support renewable energy? The Verge
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Researchers Explore the Potential of Bitcoin and Green Hydrogen for Clean Energy Transition
By Justine Calma
Researchers have conducted a study to investigate the possibility of using Bitcoin mining in conjunction with green hydrogen to accelerate the transition to clean energy. The study, published in the journal PNAS, explores the idea of using Bitcoin mining profits to invest in clean hydrogen production and renewable energy. However, the researchers acknowledge that this concept is highly dependent on specific conditions and policies.
The Role of Bitcoin and Green Hydrogen
The study refers to Bitcoin and green hydrogen as a “dynamic duo” that could potentially support renewable energy development. The idea is to mine Bitcoin using clean energy and use the profits to promote the growth of solar and wind energy. Green hydrogen, produced using renewable energy sources, can act as an energy carrier, storing energy for later use when solar and wind generation is low.
Challenges and Limitations
While the concept may seem promising, there are several challenges and limitations to consider:
- Bitcoin mining operations are known for their high energy consumption and greenhouse gas emissions.
- Traditional Bitcoin miners may not have the financial incentive to deploy more renewable energy.
- Policies would need to ensure that funds earned from Bitcoin mining are actually invested in clean energy.
- The cost of opening and operating a Bitcoin mine is substantial.
- Utilities would face significant starting costs and limitations in supporting clean energy through Bitcoin mining.
- The price of Bitcoin is highly volatile, making long-term investment cycles uncertain.
Conclusion
While the study presents an intriguing concept, it acknowledges that the real-world implementation of using Bitcoin and green hydrogen for clean energy transition is complex and challenging. It requires careful consideration of various factors, including policies, financial incentives, and the availability of infrastructure. The authors emphasize the need for further research and exploration to determine the feasibility and practicality of this approach.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 13: Climate Action
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator for SDG 7.2: Share of renewable energy in the total final energy consumption.
- Indicator for SDG 9.4: Proportion of industries using sustainable practices and environmental-friendly technologies.
- Indicator for SDG 13.2: Number of countries with climate change adaptation and mitigation strategies.
The article discusses the potential use of Bitcoin mining to support renewable energy and clean hydrogen production. This aligns with SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all. The article also mentions the need to upgrade infrastructure and adopt clean technologies, which relates to SDG 9. Additionally, the article highlights the role of Bitcoin mining in addressing climate change, linking it to SDG 13.
Based on the content of the article, the specific targets that can be identified are SDG 7.2, which focuses on increasing the share of renewable energy in the global energy mix; SDG 9.4, which aims to upgrade infrastructure and industries to make them sustainable; and SDG 13.2, which calls for the integration of climate change measures into national policies and planning.
The indicators mentioned or implied in the article that can be used to measure progress towards these targets include the share of renewable energy in the total final energy consumption (SDG 7.2 indicator), the proportion of industries using sustainable practices and environmental-friendly technologies (SDG 9.4 indicator), and the number of countries with climate change adaptation and mitigation strategies (SDG 13.2 indicator).
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix. | Share of renewable energy in the total final energy consumption. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes. | Proportion of industries using sustainable practices and environmental-friendly technologies. |
| 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes. | Proportion of industries using sustainable practices and environmental-friendly technologies. | |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies, strategies, and planning. | Number of countries with climate change adaptation and mitigation strategies. |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: theverge.com
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