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Bitcoin mining to drive the world’s transition to green energy. This is what Mike Colyer, Chief Executive Officer of Foundry Digital, a crypto mining subsidiary of Digital Currency Group, said on Tuesday.
At an online Crypto Mining Forum event on Tuesday, the Foundry Digital CEO stressed that the mining of cryptocurrencies like Bitcoin can lead to a restructuring of both capital and operations. For as long as major energy companies see the economic benefits of mining, it can serve as “a great stabilizer” for the power grid, he said. The technology involved would be the “bridge between the current energy production and a world where 100% of our energy is produced from renewables.”
According to Colyer, “Bitcoin mining provides a steady base load, and yet, it’s still intermittent to allow grids stability.”
He added:
“This creates a really powerful economic dynamic for renewable energy products.
Nation-states, they can’t sleep on this, and they’re going to find ways to take advantage of their natural resources to be involved in Bitcoin mining. At some point, Bitcoin mining will look like a utility, and it’s going to be a part of critical infrastructure for countries.”
Supporting his claims, Colyer brought some examples to the table. The United States currently sees the adoption of new and greener technology moving forward fast.
In addition, several lawmakers are looking to introduce tax benefits for local cryptocurrency miners, for example in Kentucky state.
Colyer said there are mining companies such as New York-based Greenidge Generation, that operate power plants running only during periods of high demand. The transition could be a “10- to 20-year journey,” according to the CEO. And Bitcoin has an important role to play in this.
Digital Currency Group has now invested more than $225 million in North American cryptocurrency mining operations.
“Institutions have arrived. I can hardly keep up with the news every day of new Bitcoin mining companies. I’ve always thought the U.S. would be a leader in Bitcoin mining.”
It looks that the Group is trying to increase U.S. competitive position to other countries’ operations. Nonetheless, China is still the leader in crypto mining, however. Roughly 75% of all mining activities take place in the country.
More and more companies and countries are exploring the use of renewable energy for its Bitcoin mining activities. The public debate on mining’s carbon footprint is ongoing. Recently Pakistan committed to using only renewable sources by making use of remote Hydro-powered plants.