All You need to know about Square’s White Paper on Bitcoin’s Impact on the Environment

Bitcoin's Impact on the Environment

An opportunity for global transition to renewable energy is through Bitcoin mining as provided by Square’s White Paper.

The two companies  that are involve in developing this White paper are Ark and Square, and which it has been opined that Ark is a big investor in Coinbase  while Square has put 5% of its cash in Bitcoin., which means the white paper may not be totally objective due to the interest of the two companies in Bitcoin.

Solar and Power are hitting a bottleneck because of the unreliable power supplies and grid congestion, according to Square clean energy sources. In order to enable power grids to deploy ‘substantially’ more renewable energy, Bitcoin miners can act as ‘flexible load option’

Bitcoin mining, Square claims, is an “ideal complementary technology for renewables and storage.” And by combining Bitcoin miners with renewable plus storage projects, Square asserts that renewable energy like solar and wind becomes more profitable.

 

In turn, this could improve the returns for solar and wind projects, act as a catalyst for new wind and solar projects, and provide renewable grids with readily available “excess” energy. In short, Square claims that Bitcoin mining is a vital ingredient if we want to push renewable energy industries forward.

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