Bitcoin Mining Powers Europe's Energy Transition During Crisis

Bitcoin mining is being tested in Europe as a flexible source of electricity demand that can help balance grids with a high share of renewables. Wind and solar account for 59.7% of Germany’s public electricity generation, and Rachel Geyer, Chair of the European Bitcoin Energy Association, says miners can switch off when electricity prices surge and switch on when they drop. A pilot between the Austrian Power Grid and 21Energy is testing mining for grid stability.

Terahash’s Genesis project in Finland runs on renewable energy and feeds heat from its miners into the district heating network of a town of 12,000 residents. Matthias Fendt of Terahash describes an industrial park project combining solar panels, battery storage and miners, and a German Kärcher car wash uses solar-powered miners to de-ice floors and warm water. Geyer also discusses a new German law encouraging the use of surplus energy.