UK Bitcoin Policy Group Advocates Using Bitcoin to Support Sustainable Grids and Renewable Energy Generation

The UK Bitcoin Policy Organization is advocating for the use of Bitcoin to support sustainable power grids and renewable energy generation. In a report released on July 10th, the organization pointed out that the Bitcoin mining industry is the main purchaser of electricity and can be a key factor in making intermittent renewable energy supply "stable and feasible." The report stated that the Bitcoin mining industry is one of the few, if not the only, technologies that can provide "completely elastic demand for backup renewable energy." The report states that this will set a "floor price" and monetize energy supply, otherwise these energy sources will not be utilized, or even "cost-cut."