Crypto mining will be a bridge to 100% renewable energy production, says Mike Colyer

Mike Colyer, CEO of Foundry Digital, a crypto mining subsidiary of Digital Foreign money Group, says that mining Bitcoin might finally assist the world transition to inexperienced power. 

Talking on the Crypto Mining Discussion board on-line occasion right this moment, Colyer stated he believes that as main power firms see the financial advantages of mining cryptocurrencies like Bitcoin (BTC), it might result in a restructuring of each capital and operations. Calling Bitcoin mining “an amazing stabilizer” for the ability grid, the Foundry Digital CEO stated the know-how might grow to be a “bridge between the present power manufacturing and a world the place 100% of our power is produced from renewables.”

“Bitcoin mining gives a gradual base load and but it’s nonetheless intermittent to permit grids stability,” stated Colyer. “This creates a very highly effective financial dynamic for renewable power merchandise.”

Screenshot from Crypto Mining Discussion board

He added:

“Nation-states, they’ll’t sleep on this, they usually’re going to search out methods to benefit from their pure sources to be concerned in Bitcoin mining […] In some unspecified time in the future Bitcoin mining will appear like a utility, and it’s going to be part of crucial infrastructure for international locations.”

Colyer cited examples within the U.S. of the know-how transferring ahead together with lawmakers in Kentucky pursuing tax breaks for native cryptocurrency miners, and New-York based mostly Bitcoin mining firm Greenidge Technology, which operates an influence plant that runs solely when there may be excessive demand. In keeping with the CEO, it may very well be a “10- to 20-year journey” for this transition to renewables to start, however Bitcoin would possible play an essential function.

In keeping with Colyer, Digital Foreign money Group has now invested greater than $225 million in North American cryptocurrency miners seemingly in an effort to make the U.S. aggressive in opposition to different international locations’ operations. China remains to be the chief in crypto mining, with one latest report suggesting that 75% of Bitcoin mining takes place within the nation. 

“Establishments have arrived. I can hardly sustain with the information every single day of latest Bitcoin mining firms. I’ve at all times thought the U.S. can be a pacesetter in Bitcoin mining.”