by Cornell University researchers found that pairing cryptocurrency mining – notable for its outsize consumption of carbon-based fuel – with green hydrogen could provide the foundation for wider deployment of renewable energy, such as solar and wind power.and bitcoin for incremental investment in renewable energy penetration can enable capacity expansions of up to 25.5% and 73.2% for solar and wind power installations.
Preliminary estimates by the US Energy Information Administration suggest that 2023 annual electricity consumption for cryptocurrency mining likely represents 0.6% to 2.3% of all of America’s electricity consumption. Supporting cryptocurrency can hasten the building of extra energy infrastructure and potentially create 78.4 megawatt hours of solar power for each Bitcoin mined in New Mexico, for example, and potentially 265.8 megawatt hours of wind power for each Bitcoin mined in
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