Tanja Steigner and Mohammad Ikbal Hossain, Emporia State University, USA

Bitcoin mining, often criticized for its substantial energy consumption, holds significant potential to drive energy innovation and sustainability. This paper reevaluates Bitcoin mining's environmental impact, focusing on its ability to utilize surplus and renewable energy sources. Mining operations absorb excess energy, such as curtailed wind and solar power, that would otherwise go to waste, contributing to grid efficiency and renewable energy integration. The increasing shift toward renewables, now accounting for over 50% of mining’s energy mix, underscores the industry's progress toward sustainability. Through the analysis of industry data, this paper highlights Bitcoin mining's dual role as both a flexible energy consumer and a catalyst for green energy investments. Despite challenges like e-waste and the industry's reliance on energy-intensive proof-of-work mechanisms, the findings demonstrate how targeted policies, and technological advancements can transform Bitcoin mining into a force for environmental and economic benefits. The study emphasizes the need for collaborative efforts among stakeholders to unlock Bitcoin mining's full potential in supporting the global energy transition.

Bitcoin mining, renewable energy, grid stabilization, green energy investments, proof-of-work (PoW), carbon footprint reduction, e-waste management, decentralized energy systems