Blockstream Energy: Renewable Energy On Demand?

Introduction

One of the biggest issues with cryptocurrency mining, especially Bitcoin mining, is that it uses too much energy. Moreover, at the height of the Bitcoin mining boom, it was not uncommon for major mining projects to move to China for their cheap electricity which was produced by burning coals to maximize profit.

If one coupled this with the fact that Bitcoin mining produces too much heat that many believed to be harmful to the environment, it was no wonder that critics of cryptocurrency could use this argument again and again, and this was even though the trend had experienced change over the years.

Also, it should be noted that countless innovations were made to reduce the environmental effect of Bitcoin mining over the years. These innovations include (but are not limited to) inventing tools that could convert excess heat produced by mining rigs to something useful like heaters for homes. There was even a project that plans to channel this excess heat to be used in greenhouses.

Moreover, as the world grew more concerned about climate change, many large Bitcoin mining projects also switched to renewable energy sources such as hydroelectric, solar, and wind. And after the Chinese Communist Party started cracking down on cryptocurrency in China after the introduction of the Digital Yuan, almost all mining projects move their base of operations to countries that do not burn coal for electricity.

In all honesty though, with everything that the cryptocurrency sector had done over the years, it could be argued that they had done their part to protect the environment. Unfortunately, for many people, especially critics of cryptocurrency, it just wasn't enough. No, they demanded that the industry do more.

The Blockstream Energy

Many leading figures in the industry heard the cries of critics and environmentalists alike. One of them, Blockstream Corporation Inc., or just Blockstream decided to do something about it. And thus Blockstream Energy was born.

Blockstream Energy is a service provided by Blockstream that could allow energy producers to sell excess and unused electricity to be used in Bitcoin mining. This can be done using the Modular Mining Units or MMUs which are independent mining facilities that can be directly installed to power grids and operated remotely.

According to their website, the Modular Mining Units (MMUs) are "plug and play" and could be delivered and installed even in the most remote of locations anywhere in the world. So if a customer wanted to have an MMU delivered near a volcano, it could be arranged as long as the place in question has a power grid that can power the unit.

I believed that the biggest pull of the service was that it allows both the energy producers and Bitcoin miners to collaborate and profit through this service. Below is an excerpt from a Blockstream article that might help explain why the service existed.

“Anywhere in the world, power grid demand is highly variable, with demand rising and falling through the day. But energy production sources must meet peak demand and often can’t be reduced during periods of lower demand, therefore the excess energy gets wasted. This leads to many inefficiencies and complicates grid management, particularly when it comes to renewables.” - Blockstream

What they were trying to say was that the energy producer could sell energy that was unused during downtimes or daily and seasonal fluctuations while Bitcoin miners would have the electricity to power their Modular Mining Units. A win-win situation or so they claim…

Blockstream also claim that this service could also incentivize investors to invest in both renewable Bitcoin mining and renewable energy – positively re-igniting interest in both fields.

But as the service is relatively new, there's not much to it yet, or to be precise, negotiations have just started. But once Blockstream Energy becomes fully operational, it could potentially transform Bitcoin mining landscape for good.

Closing Thoughts

The cryptocurrency industry have been looking for ways to escape the stigma on cryptocurrency mining, especially Bitcoin mining, and the Blockstream Energy service offered by Blockstream Corporation Inc. might just be what we needed to finally free the industry from said stigma.

That said we should not just rely on a single service or project. If we really want to see the industry to continue to grow and attract more investors, we should continue to find ways and innovate.

Only through this way we could proudly say that cryptocurrency is not only bringing financial freedom to many people, the industry is also championing green energy and helping save the planet.

And maybe, just maybe, industry critics would finally stop using the environment as ammo to attack the cryptocurrency industry.

Thank you for reading.

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Disclaimer: I’ve used an online plagiarism checker to check for plagiarism and ensure originality of this article. And according to the result showed after the scan, besides the quoted sentences everything else in this article should be original.

Online Plagiarism checker: https://plagiarismdetector.net/

My other articles: https://read.cash/@beastion