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10 May 2021

Bitcoin: What Does the Future of Energy Hodl?

Bitcoin: What Does the Future of Energy Hodl?


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Bitcoin may be the key piece in solving the growing demand for energy usage outpacing our ability to capture and store energy from the sun.

The stage has been set for Bitcoin to incentivize renewable energy and power a greener future.

It very clearly describes using Bitcoin, solar and batteries to "overgrow" solar energy and solve the problem of the "Duck Curve.".

The Duck Curve, coined by the National Renewable Energy Laboratory (NREL), is the greatest challenge facing solar energy at scale.

Watch David Roberts’s excellent 4-minute video, The 'duck curve' is solar energy's greatest challenge, and you'll quickly grasp the issue.

As more people adopt solar energy, it causes problems in this demand curve.

Researchers call this drop in demand the "Duck Curve." The belly of the curve grows deeper every year.

It's neither cost effective, nor possible, to transmit all the excess solar energy into the grid, much of it is stranded or curtailed.

However, this creates an integrated solar product that can link to the power grid and Tesla devices.

Powerwalls could ship with Tesla ASICs that instantly and intelligently switch between pooledbitcoin mining or selling back to the grid, when demand increases and it becomes more profitable to sell energy than mining.

In other words, Tesla could create a massive green mining pool to consume the solar "Duck Belly" and turn it into bitcoin.

The BCEI memo was all about using a combination of solar, batteries and Bitcoin to solve the Duck Curve.

Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load, provide payout in a globally liquid cryptocurrency, and are completely location agnostic, requiring only an internet connection.

It is worth pointing out that the model assumes the solar bitcoin miners will put profits into satisfying the needs of the grid, over maximizing profits of the miner.

Tesla could pay customers for sacrificing their Duck Bellies, in whatever currency they wanted: bitcoin, fiat,shitcoins or stablecoins.

People might argue that the excess power was better spent on scientific computations, and perhaps a market could be made for these other computations.

Only Bitcoin's closed thermodynamics offers the ability to absorb all that excess energy, like a black hole, without driving the cost of the computations to zero.

Amazingly, he foresaw the problem of the Duck Curve and how it would largely be impractical and go wasted, without some way to efficiently harness its periodic energy.

The BCEI memo suggests that putting a fraction of solar to work, mining bitcoin, would dwarf existing (dirty) mining operations.

The BCEI, Jack andElon are hinting that this strategy, at scale, would effectively turn Bitcoin into a massive green energy project—unlike anything anyone has ever seen before.

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