Robert F. Kennedy Jr. Argues Bitcoin Mining Supports Renewable Energy

According to Bitcoin Magazine, Robert F. Kennedy Jr., a candidate for President of the United States, has argued in a letter to The Economist that Bitcoin mining is a powerful new tool to support renewable energy-intensive grids.

Kennedy pointed out that while electricity grids are facing pressure from manufacturing, electric vehicles, and data centers, Bitcoin mining's electricity consumption patterns are different and can benefit the grid.

He emphasized that unlike facilities like data centers, Bitcoin mining operations only run when electricity is cheap and abundant. When electricity becomes scarce and prices rise, mining operations can reduce their consumption within seconds. Kennedy cited the example of Texas experiencing heatwaves, where electricity prices skyrocket, and Bitcoin miners naturally shut down their equipment. Conversely, when electricity is cheap, miners keep their equipment running, providing a stable revenue source for energy producers.

Furthermore, Kennedy noted that Bitcoin miners actively participate in demand response programs, allowing grid operators to control their electricity consumption to stabilize the grid. He cited data from the International Energy Agency, stating that to achieve net-zero emissions targets, demand response capacity needs to increase tenfold by the end of the decade, adding 500 gigawatts. Bitcoin miners' participation in these programs helps bid in an open market, reducing electricity costs for consumers.