Bitcoin mining - a catalyst for economic growth?

Written as a City A.M. column in July 2023, the piece argues that bitcoin mining could bring growth, jobs and tax revenue to the UK. It puts the global mining market at $1.92 billion, forecast to reach $7 billion by 2032, while the UK held only 0.23% of mining at the time. The column calls for clear regulation that treats mining on a par with data and AI computing centres.

Because wind and solar are intermittent, the column sees miners co-located with renewable plants as a source of flexible demand, noting that curtailing wind turbines on the windiest days cost the National Grid £215 million a year. It points to Scilling Mining, which uses agricultural waste to power miners, and to cutting methane emissions. According to the column, bitcoin used 0.22% of global energy, and mining power had risen 211% since 2017 while emission intensity fell 4%.