Bitcoin mining has long been criticized for its hefty energy consumption, but multiple recent studies suggest it might have a surprising silver lining. A report published by researchers at Cornell University has uncovered intriguing possibilities where Bitcoin mining could intersect with renewable energy projects across the United States. The narrative indicates bitcoin mining could support renewable energy development.
A Win-Win Scenario: Cornell University Studies
In a series of studies titled “From Mining to Mitigation: How Bitcoin Can Support Renewable Energy Development and Climate Action,” Cornell researchers explore a groundbreaking idea: Bitcoin mining can actually aid the growth of renewable energy installations and infrastructure.
The concept revolves around the precommercial phase of renewable energy projects, where solar or wind farms generate surplus power before integrating into the grid....Story continues....
Source: Bitcoin Helps Renewable Energy Development | Cornell Study
Critics:
Renewable energy often displaces conventional fuels in four areas: electricity generation, hot water/space heating, transportation, and rural (off-grid) energy services. More than a quarter of electricity is generated from renewables as of 2021. One of the efforts to decarbonize transportation is the increased use of electric vehicles (EVs). Despite that and the use of biofuels, such as biojet, less than 4% of transport energy is from renewables.Occasionally hydrogen fuel cells are used for heavy transport.
Solar water heating makes an important contribution to renewable heat in many countries, most notably in China, which now has 70% of the global total (180 GWth). Most of these systems are installed on multi-family apartment buildings and meet a portion of the hot water needs of an estimated 50–60 million households in China. Worldwide, total installed solar water heating systems meet a portion of the water heating needs of over 70 million households.
Heat pumps provide both heating and cooling, and also flatten the electric demand curve and are thus an increasing priority. Renewable thermal energy is also growing rapidly. About 10% of heating and cooling energy is from renewables. Solar energy, radiant light and heat from the sun, is harnessed using a range of ever-evolving technologies such as solar heating, photovoltaics, concentrated solar power (CSP), concentrator photovoltaics (CPV), solar architecture and artificial photosynthesis. Most new renewable energy is solar.
Solar technologies are broadly characterized as either passive solar or active solar depending on the way they capture, convert, and distribute solar energy. Passive solar techniques include orienting a building to the Sun, selecting materials with favorable thermal mass or light dispersing properties, and designing spaces that naturally circulate air. Active solar technologies encompass solar thermal energy, using solar collectors for heating, and solar power, converting sunlight into electricity either directly using photovoltaics (PV), or indirectly using concentrated solar power (CSP).
A photovoltaic system converts light into electrical direct current (DC) by taking advantage of the photoelectric effect.[62] Solar PV has turned into a multi-billion, fast-growing industry, continues to improve its cost-effectiveness, and has the most potential of any renewable technologies together with CSP. Concentrated solar power (CSP) systems use lenses or mirrors and tracking systems to focus a large area of sunlight into a small beam.
Commercial concentrated solar power plants were first developed in the 1980s. CSP-Stirling has by far the highest efficiency among all solar energy technologies. In 2011, the International Energy Agency said that "the development of affordable, inexhaustible and clean solar energy technologies will have huge longer-term benefits. It will increase countries' energy security through reliance on an indigenous, inexhaustible and mostly import-independent resource, enhance sustainability, reduce pollution, lower the costs of mitigating climate change, and keep fossil fuel prices lower than otherwise.
These advantages are global. Hence the additional costs of the incentives for early deployment should be considered learning investments; they must be wisely spent and need to be widely shared". Solar power accounts for 505 GW annually, which is about 2% of the world's electricity. Solar energy can be harnessed anywhere that receives sunlight; however, the amount of solar energy that can be harnessed for electricity generation is influenced by weather conditions, geographic location and time of day.
According to chapter 6 of the IPCC 2022 climate mitigation report, the global potential of direct solar energy far exceeds that of any other renewable energy resource. It is well beyond the total amount of energy needed in order to support mitigation over the current century. Australia has the largest proportion of solar electricity in the world, supplying 9.9% of the country's electrical demand in 2020. More than 30 per cent of Australian households now have rooftop solar PV, with a combined capacity exceeding 11 GW.
There are, however, environmental implications of scaling up solar energy. In particular, the demand for raw materials such as aluminum poses concerns over the carbon footprint that will result from harvesting raw materials needed to implement solar energy. Solar energy, radiant light and heat from the sun, is harnessed using a range of ever-evolving technologies such as solar heating, photovoltaics, concentrated solar power (CSP), concentrator photovoltaics (CPV), solar architecture and artificial photosynthesis.
Most new renewable energy is solar. Solar technologies are broadly characterized as either passive solar or active solar depending on the way they capture, convert, and distribute solar energy. Passive solar techniques include orienting a building to the Sun, selecting materials with favorable thermal mass or light dispersing properties, and designing spaces that naturally circulate air. Active solar technologies encompass solar thermal energy, using solar collectors for heating, and solar power, converting sunlight into electricity either directly using photovoltaics (PV), or indirectly using concentrated solar power (CSP).
A photovoltaic system converts light into electrical direct current (DC) by taking advantage of the photoelectric effect. Solar PV has turned into a multi-billion, fast-growing industry, continues to improve its cost-effectiveness, and has the most potential of any renewable technologies together with CSP. Concentrated solar power (CSP) systems use lenses or mirrors and tracking systems to focus a large area of sunlight into a small beam. Commercial concentrated solar power plants were first developed in the 1980s. CSP-Stirling has by far the highest efficiency among all solar energy technologies.
In 2011, the International Energy Agency said that "the development of affordable, inexhaustible and clean solar energy technologies will have huge longer-term benefits. It will increase countries' energy security through reliance on an indigenous, inexhaustible and mostly import-independent resource, enhance sustainability, reduce pollution, lower the costs of mitigating climate change, and keep fossil fuel prices lower than otherwise. These advantages are global. Hence the additional costs of the incentives for early deployment should be considered learning investments; they must be wisely spent and need to be widely shared".
Solar power accounts for 505 GW annually, which is about 2% of the world's electricity. Solar energy can be harnessed anywhere that receives sunlight; however, the amount of solar energy that can be harnessed for electricity generation is influenced by weather conditions, geographic location and time of day. According to chapter 6 of the IPCC 2022 climate mitigation report, the global potential of direct solar energy far exceeds that of any other renewable energy resource. It is well beyond the total amount of energy needed in order to support mitigation over the current century.
Australia has the largest proportion of solar electricity in the world, supplying 9.9% of the country's electrical demand in 2020. More than 30 per cent of Australian households now have rooftop solar PV, with a combined capacity exceeding 11 GW. There are, however, environmental implications of scaling up solar energy. In particular, the demand for raw materials such as aluminum poses concerns over the carbon footprint that will result from harvesting raw materials needed to implement solar energy.
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