Riot's Vice President of Research: Bitcoin mining utilizes surplus energy, contributing to the stability of Texas' power grid

Odaily reports that Pierre Rochard, Vice President of Research at Bitcoin mining company Riot Platforms, stated that in Texas, excess electricity production has caused its price to drop to $0. Bitcoin miners are able to absorb this surplus energy, effectively stabilizing the grid.

Analysts point 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 can instantly turn on and off their mining equipment in response to fluctuations in energy demand (CryptoSlate).

Earlier today news came out that Agile Energy X, a subsidiary of Tokyo Electric Power Grid in Japan announced the start of installing bitcoin mining equipment next to solar power plants in Tochigi Prefecture and Gunma Prefecture for experimental mining using surplus renewable energy. If 10% of this could be used for bitcoin mining, it's estimated it could generate about 360 billion yen ($2.5 billion) annually. This move aims to address the issue of wasted electricity due to fluctuations from renewable power generation while supporting Japan's goal of achieving carbon neutrality by 2050.