Square’s Jack Dorsey and Tesla’s Elon Musk agree that Bitcoin extractors can support the efficiency of the renewable energy industry by acting as an electricity purchaser of last resort. The two of the most important supporters of cryptocurrency have sought to make the case for the environmental efficiency of Bitcoin with a collaborative paper.
The collaborative paper from the researchers at the financial services companies such as Square and Ark Invest asserted that Bitcoin extracting can drive surged efficiency in the production of renewable energy.
Authored by The Bitcoin Clean Energy Initiative or BCEI, the Paper looks forward to counter the claim that says:
Moreover, the paper argued that the extraction of Bitcoin stimulates the generation of electricity from renewable carbon-free sources.
In a tweet shared by Square on April 22, the firm was arguing that while solar and wind can produce energy comparatively cheaper than fossil fuels, they can typically produce an extra supply of energy.
In times when the demand is low and contrarily struggle to meet the needs of the industry as well as the consumers when the demand is high.
In accordance with the researchers, the issue of differing renewable production and the demand for electricity could be alleviated by building an ecosystem:
Also, it said:
As described in the paper, the Bitcoin extracting sector is an energy purchaser of last resort that can be located anywhere in the world.
Asserting the geographical restrictions of renewable power plans, the paper said:
Mati Greenspan, a popular analyst described the report as justifying the massive energy consumption by Bitcoin and argued: