Riot Research Vice President: Bitcoin mining utilizes excess energy to help stabilize Texas power grid

Odaily News Pierre Rochard, vice president of research at Riot Platforms, a bitcoin mining company, said that in Texas, excess electricity production caused its price to drop to $0 at one point, and bitcoin miners were able to absorb this excess energy, effectively stabilizing the power grid. Analysis points out that bitcoin mining is often criticized for its energy consumption and environmental impact. However, it also provides significant benefits, especially in terms of grid stability and energy efficiency. A key advantage is that bitcoin miners are able to turn mining equipment on and off immediately, thereby responding to fluctuations in energy demand. (CryptoSlate) Earlier today, Agile Energy X, a subsidiary of Tokyo Electric Power Grid, announced that it had begun installing bitcoin mining equipment next to solar power plants in Tochigi and Gunma prefectures, using surplus electricity from renewable energy for mining experiments. If 10% of it can be used for bitcoin mining, it is expected to generate annual revenue of about 360 billion yen (US$2.5 billion). The move aims to address the problem of electricity waste caused by the volatility of renewable energy generation, while supporting the Japanese government's goal of achieving carbon neutrality by 2050.