npub1v2…dgaq7 on Nostr: More people should be following Daniel on Nostr! #[0]

More people should be following Daniel on Nostr!

quoting nevent1q…3apd

Brad Jones, former CEO ERCOT just confirmed that Bitcoin mining

· Makes renewable operators more profitable
· Accelerates the renewable transition
· Does not compete with other users of electricity
· Drives electricity costs for all users DOWN

As an expert on grids who's seen Bitcoin mining on grids firsthand, he's the person most qualified to make an objective assessment

Here’s what he said:

Bitcoin mining makes renewable operators more profitable

“In the last 2 years there was 1100 hours of negative pricing. That means we are paying consumers to consume electricity.

The reason that occurs is that we have a lot of renewables in the State. When the wind is really blowing, we simply can’t use all that power.

Bitcoin allows those renewables to earn money during those times rather than having to shut off their service, or even having to pay customers to use their power.”

Bitcoin mining assists the renewable transition

“Bitcoin mining helps to sustain those markets for renewables and drives more renewables.”

Bitcoin does not compete with other users of electricity

“And then when prices go up [because many people want power at the same time], Bitcoin comes offline because its not economical.”

Bitcoin drives the cost of electricity for all consumers DOWN

“The real value of Bitcoin is its flexibility. The capability for us to use it in our ancillary services at the lowest possible cost means cost for all consumers of in the state of Texas.”

~ Brad Jones, former CEO ERCOT post-Winter Storm Uri

Source: https://www.linkedin.com/posts/kristinecranley_bitcoinmining-texasisbitcoincountry-ercot-ugcPost-7056741454467006464-kos1?utm_source=share