Cryptocurrency has long stood in stark contrast with the energy efficiency movement, but experts are working on leveraging the industry's versatility to serve communities sustainably across Europe.
According to a report from Forbes, bitcoin mining offers an unexpected yet effective solution that could help ease geopolitical tensions in the region, mitigate rising electricity prices, and offset the limitations of intermittent energy sources like wind and solar.
The European Bitcoin Energy Association believes the sector will play a crucial role in solving the continent's energy crisis by stabilizing grids while utilizing surplus power and renewable energy.
"Bitcoin miners can switch off when electricity prices surge and switch on when prices drop, making it an ideal partner for stabilizing grids," EBEA chair Rachel Geyer told Forbes. "EBEA is collecting proof-of-concept projects to demonstrate how bitcoin mining can help with the build out of renewables and aid grid stability."
For example, the organization is running a pilot program that combines clean energy and bitcoin mining to stabilize the grid in Austria, which had the ninth-highest per capita electricity generated by hydroelectric power in 2023.
Forbes also mentioned the efforts led by German-based company Terahash, which has collaborated with industry leaders to incorporate bitcoin mining into national and local grid infrastructure.
Its Genesis facility in Finland, launched earlier this year, runs completely on renewable energy, powering its miners that produce temperatures up to 158 degrees. This heat is then used to provide warmth and hot water to homes in a Finnish town with a population of 12,000.
Matthias Fendt, head of operations and sales at Terahash, detailed another project that installed solar panels, battery storage, and bitcoin miners at an industrial park.
The benefits include grid stabilization, predictable energy prices for companies, and supplemental heat for nearby community spaces. Meanwhile, the profits from the bitcoin operations help cover overhead and maintenance costs.
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"Fully integrated multiuse-case sector coupling projects like these create real value for people and businesses while simultaneously strengthening the decentralization and security of the bitcoin network," Fendt said. "In this way, we promote sustainable prosperity and sovereignty."
"These small-scale projects are driving innovation and showing the versatility of bitcoin mining," Geyer added. "Bitcoin mining isn't just about creating digital currency — it's about solving real-world problems."
Though cryptocurrency mining has drawn criticism for its steep energy requirements and health hazards, some strides have been made in terms of its eco-friendliness.
Cryptocurrency network Ethereum has cut its energy consumption by nearly 100% after changing its validation system, while the Canton of Bern in Switzerland plans to use excess power that would otherwise go to waste for its bitcoin mining operations.
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