A United Kingdom-based Bitcoin organization is now advocating for the new Labor government to implement a Bitcoin mining-based strategy to help resolve the growing issue of local electricity demand.
Bitcoin mining provides many possible use cases that spread beyond maintaining network security and integrity, such as using GPUs to power massive gaming setups and machine learning.
On that note, one UK-based Bitcoin (BTC) advocacy organization, Bitcoin Policy UK, is advocating for its use to help support sustainable grids and renewable electricity generation.
Bitcoin Mining FTW
A report published by the organization on July 10 indicated that the Bitcoin mining sector, a significant buyer of electricity, might be a key to making the intermittent supply of power from renewable grids both viable and robust.
Based on the report, Bitcoin mining stands to be one of the few notable technologies that offer a “completely elastic demand for spare renewable energy.” It stated that this scenario sets a foundation price and monetizes the supply of energy that would otherwise go unused or even “curtailed at cost.”
It insisted that it necessarily could need zero subsidies or payments from the government while using all stranded and wasted energy available.
“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.”
In Texas, Bitcoin mining is already in play as a flexible load. Miners offer an interruptible load that can be immediately shut off to respond to grid demand and assist in repowering after the demand reduces.
The report stated that this could help solve the issue of commercial viability of the United Kingdom’s energy security strategy targets, giving assurance to renewable energy providers that there is a buyer for all the produced energy and that their projects will not go underutilized.
New Government New Strategy
Bitcoin Policy UK is now pushing for the new strategy in the wake of the UK elections that were held on July 4, where a new Labor government ascended to power and subsequently announced its plan to set up a National Wealth Fund worth around 7.3 billion euros ($9.3 billion) to assist in supporting the green industries.
While responding to the win, the local community called for a highly consistent policy on crypto.
Bitcoin Policy UK’s co-founder and head of policy, Freddie New, told reporters that the organization is using this moment to advocate for good policies that help protect and preserve the rights of the millions of UK citizens who own Bitcoin.
According to the organization’s co-founder, the previous government had increased hopes of turning the United Kingdom into a ‘crypto hub’ but eventually fell short of that goal.
“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 explained that the Bitcoin mining sector has lots of untapped potential for stabilizing and monetizing sustainable power grids while reducing methane and biogas emissions if co-locating on farms or near landfills.
New stated that the organization is looking forward to working with the new government on Bitcoin-related policies.
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