Riot Research Vice President: Bitcoin mining utilizes excess energy to help stabilize Texas power grid

Pierre Rochard, vice president of research at Bitcoin miner Riot Platforms, said that in Texas, excess power production caused its price to drop to $0 at one point, and Bitcoin miners were able to absorb this excess energy, effectively stabilizing the power grid. The analysis points out that Bitcoin mining is often criticized for its energy consumption and environmental impact. However, it also offers significant benefits, particularly in terms of grid stability and energy efficiency. A key advantage is that Bitcoin miners are able to react to fluctuations in energy demand by switching their mining equipment on and off instantly. (CryptoSlate) Earlier today, Japan’s Tokyo Electric Power Grid subsidiary Agile Energy If 10% of this could be utilized for Bitcoin mining, it is expected to generate annual revenue of approximately 360 billion yen ($2.5 billion). The move is aimed at solving the problem of power waste caused by the volatility of renewable energy generation while supporting the Japanese government’s goal of achieving carbon neutrality by 2050.