Cryptocurrency mining is about to consume more electricity than home usage in Iceland.[1] I assume it's similar in other places that have cheaper electricity.
Seems that power companies should encourage consumers to mine Bitcoin. Problem solved.
> Seems that power companies should encourage consumers to mine Bitcoin. Problem solved.
Blockchains will likely continue to generate considerable demand for electricity for the foreseeable future.
Blockchain firms can locate where energy is cheapest. Currently that's in countries where energy prices go negative due to excess capacity and insufficient energy storage resources (batteries, [hemp/graphene] supercapacitors, water towers).
With continued demand, energy companies can continue to invest in new clean energy generation alternatives.
Unfortunately, in the current administration's proposed budget, funding for ARPA-E is cancelled and allocated to clean coal; which Canada, France, and the UK are committed to phasing out entirely by ~2030.
Seems that power companies should encourage consumers to mine Bitcoin. Problem solved.
[1] https://qz.com/1204840/iceland-will-use-more-electricity-min...