Wind Power Use in Texas Pushes Bitcoin Mining Profit Margins Up to 80%
August 8, 2022 (Investorideas.com Newswire) Thanks to Texas' large wind farms and deregulated electricity grid, miners can access power at a fraction of the cost of other locations. According to a BanklessTimes data analysis, renewable energy now powers 60% of Texas' BTC mining operations. This has helped miners to boost their margins, with many now earning between 60 and 80%.
Jonathan Merry, the CEO of BanklessTimes, has explained the correlation between renewable energy use and growing miner profitability in Texas. He affirms, "Renewable energy is typically cheaper than traditional fossil fuels. This is especially true in areas with abundant renewable resources like wind and solar. Additionally, miners using green energy sources are eligible for Renewable Energy Credits (REC).
BTC Mining Could Help Mitigate Grid Variability
BTC proponents argue that miners could play an important role in developing and expanding renewable energy generation.
But when it comes to renewable energy, managing variability is one of the biggest challenges. Solar and wind power are intermittent, meaning they can't be counted on to produce electricity around the clock. That's where bitcoin miners could play an important role.
BTC miners use a lot of electricity, and that demand is growing as BTC adoption surges. But because miners are decentralized, they can choose to locate themselves wherever there is cheap electricity.
That means they can take advantage of periods of overproduction from renewable sources and help to even out the fluctuations in the grid. In other words, bitcoin miners can help to make renewable energy more reliable and predictable.
BTC Miners Improve Their Profitability by Going Green
Renewable energy is increasingly becoming the cheaper and more popular option as technology improves and climate change looms larger in the public consciousness. That's good news for BTC miners, who can use cleaner energy sources to power their rigs while helping to wean the world off fossil fuels.
Furthermore, by using Renewable Energy certificates (RECs), BTC miners can increase their profitability while supporting the growth of renewable energy. Full story and statistics can be found here: Wind Power Use in Texas Pushes Bitcoin Mining Profit Margins Up to 80%
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