Bitcoin Policy UK advocates for a Bitcoin mining-based strategy to combat a growing problem of local electricity demand and generate renewable energy.
The mining of Bitcoin has a wide range of potential applications, including utilizing GPUs to fuel machine learning and large gaming setups, in addition to maintaining network security and integrity.
Bitcoin Policy UK, a Bitcoin organization in the United Kingdom, is promoting its utilization to assist in generating renewable electricity and maintaining sustainable infrastructure.
On July 10, the organization published a report that suggested the Bitcoin mining industry, a significant electricity consumer, could be instrumental in ensuring that the intermittent power supply from renewable grids is both “robust and viable.”
As per the report, Bitcoin mining is one of the few, if not the only, technologies that generate a “completely elastic demand for spare renewable energy.” It was stated that this establishes a “floor” price and monetizes the energy supply that would otherwise be unutilized or even “curtailed at cost.”
It contended that it could operate without government subsidies or payments while utilizing all available stranded or discarded energy.
“Bitcoin mining is the perfect technology to solve the issues we face in the viability of our energy ambitions, and it currently has zero large-scale penetration in the UK market.”
Bitcoin mining is currently operational in Texas as a flexible burden. In response to grid demand, miners offer an interruptible burden that can be immediately shut down and reactivated after the market has dissipated.
The report asserted that this could resolve the issue of the commercial viability of the UK’s energy security strategy objectives, ensuring that renewable energy providers have a buyer for all of the energy they generate and that their projects would not underutilize.
New Government Approach
Bitcoin Policy UK is advocating for this novel approach in response to the July 4 elections in the United Kingdom.
A new Labour government was established in these elections, and it subsequently announced its intention to develop a National Wealth Fund valued at £7.3 billion (USD 9.3 billion) to support green industries.
The local crypto community demanded a more uniform policy regarding cryptocurrency in response to the victory.
Freddie New, the co-founder and director of Bitcoin Policy UK policy, informed Cointelegraph that they are leveraging this opportunity to promote policies that “protect and preserve the rights” of the millions of UK citizens who possess Bitcoin.
The organization’s co-founder stated that the previous government had “high hopes” of transforming the UK into a “crypto hub” but ultimately failed to achieve this objective.
“… during their tenure we saw businesses unable to open or operate here, owing to poorly conceived regulation, and a series of opportunities missed, particularly in terms of understanding how Bitcoin is not merely a financial instrument for speculation.”
He further explained that the Bitcoin mining industry has considerably untapped potential for stabilizing and monetizing sustainable power grids and reducing methane and biogas emissions by co-locating on farms or near landfills.
New expressed their eagerness to collaborate with the new government on policies concerning Bitcoin.