The CEO of Twitter, Jack Dorsey, recently took to twitter to share his view on the benefits of Bitcoin to renewable energy. On the 21st of April, 2021 he mentioned that Bitcoin incentivizes renewable energy.
A lot of critics have condemned Bitcoin and many have found faults with the effect of Bitcoin mining on the energy ecosystem. Their argument is based on the fact that Bitcoin mining consumes a lot of electricity and power when compared to any other activity on the planet.
— jack (@jack) April 21, 2021
Jack Dorsey on the other hand who co-founded Square, a platform that was designed to strengthen the Bitcoin ecosystem has a different view on the matter.
He outrightly supports Bitcoin and has on many occasions made his stand known to the public. A few years back, he mentioned in a tweet that he wished the internet will have a currency of its own and he hoped Bitcoin will be that currency.
Regarding the effect of Bitcoin on renewable energy, Jack Dorsey and other associates of Square believe that Bitcoin incentivizes renewable energy.
Attention has been drawn to how much excess power is left unused from renewable energy sources like Solar and Wind. Usually, to conserve energy, excess energy from the sun is converted into chemical energy in batteries.
How Bitcoin Can Incentivize Renewable Energy
Jack Dorsey believes that the excess energy from renewable energy sources can be utilized in Bitcoin mining. This excess can generate more revenue and thus ensure that energy isn’t wasted.
This means that energy sources can be utilized to generate more funds without increasing the cost of electricity on the consumer end.
It has been acknowledged however that Bitcoin mining consumes a lot of power. Their proposed solution to this is to utilize only excess power from solar and wind sources. This will help create a balance in the ecosystem.
Ecologists and power providers need not worry about the heavy effects of Bitcoin mining. This proposed solution seems to be beneficial for all.