Daniel Batten (@DSBatten on X) does excellent work on the positive effects of Bitcoin mining and fud busting mainstream media reports about Bitcoin mining. If you haven't checked out some of his threads, they are very good.
This thread is a concise list of the ways in which Bitcoin mining actually can help a grid reduce the cost of the power it provides. Great for sharing with fence-sitting family members.
The data is very clear: if you want to pay 20% extra for power: remove Bitcoin mining from the grid.If you want to reduce power costs, add Bitcoin mining to your gridThere are 5 ways Bitcoin mining lowers residential power costs, based on real case studies and data
- Removes need for expensive gas peaker plants. Solar and wind deliver intermittant power, so most grid operators purchase gas peaker plants for backup as they put ramp up solar and wind production. Texas used Bitcoin mining instead, avoiding $18Billion in additional cost.
- Monetizes wind and solar power that was previously wasted. Bitcoin mining helps "find a home for otherwise wasted wind energy." Because of that, those wind and solar operators were more profitable, decreasing the pressure to raise prices to increase profit.
- A more competitive market for Demand Response. Demand Response is a service where power users are paid to stabilize the grid by reducing their consumption on demand. More consumers competing to offer Demand Response means the price the grid operator pays goes down.
- No Curtailment Fees. Grid operators often have to pay renewable generators if they can't use their power. This "curtailment" fee means grid operators charge higher prices to keep operations profitable. Bitcoin miners using previously wasted wind means no more curtailment fees.
- Reduce Grid Upgrade Costs. Grid upgrade costs are huge, with often passed onto residents. A recent Duke University study recently showed that using Bitcoin mining as a flexible load helps grid operators defer, or in some cases avoid, cost-prohibitive grid upgrade costs.