Can Bitcoin mining really support renewable energy?
A view of a Bitcoin mine in Ekibastus, Kazakhstan on January 03, 2023. | Photo by Meiramgul Kussainova/Anadolu Agency via Getty Images
A new study finds that Bitcoin mining paired with green hydrogen could help speed up a transition to clean energy — an eyebrow-raising claim, considering strong evidence that the cryptocurrency is a big polluter.
To avoid any misconceptions, The Verge spoke with researchers to understand the very narrow scenarios in which this concept might work, and possible pitfalls given the complicated reality of Bitcoin mining.
The study, published in the journal PNAS, calls Bitcoin and green hydrogen fuel a “dynamic duo” no less than seven times. It envisions an ideal scenario in which the profits of Bitcoin mining are used to invest in clean hydrogen production and renewable energy.