According to reports, the financial company Square and Ark Invest have joined forces to submit a white paper, giving support to the increase in Bitcoin mining, as it indicates a future with better renewable energy.
In support of this White Paper, the CEO of Tesla and SpaceX, Elon Musk, the popular crypto Investor, Anthony Pompliano, and CEO of Twitter, Jack Dorsey, have taken notice of this progress and have verified that it is indeed a correct theory. Anthony took to Twitter, saying that Bitcoin is definitely the key to a clean energy future for humanity’s sake, also stating that critics should be ignored, as they have no knowledge on the matter and should do some more research before pushing invalid statements. CEO of Twitter, Jack Dorsey, also tweeted, saying that Bitcoin gives way for renewable energy to flourish, also mentioning parts of the research paper posted by Square Crypto.
The research highlights that the current energy/power sources including, solar, wind, fossil fuel are not much viable anymore because they provide very little power to users when they need it the most. The surprising thing from the research mentioned that these sources provide the best energy when users don’t need it, which is a very strange observation, which indicates inconsistent energy delivery.
Adding to that, the paper highlighted the use of batteries, but batteries are still not capable enough to handle huge amounts of energy, as they are limited, not only to power but also in quantity.
The Power Of Bitcoin Mining
The paper highlighted the importance of Bitcoin mining, indicating that the only way to solve these energy issues is through the power of Bitcoin mining. Research has found out that an increase in Bitcoin mining will increase the demand for consistent power, thereby encouraging governments to install more renewable energy generation plants.
This will indeed help in reducing the need for non-renewable energy source systems that have contributed to the global problem of global warming, which has changed the climate in several different harmful ways. Bitcoin has also been highlighted as a source of global warming due to the rise in the production of computer parts, but its effects are no match for the bigger contributors.