The often debated topic of Bitcoin mining is taking on a new dimension as the days pass by, partly due to its potential that has been severely overlooked.
Since its emergence, Bitcoin has been viewed by a few individuals as a network that serves more than just a cryptocurrency. Not only is Bitcoin a mainstay of the digital financial sector, but its impact is also known to be more than just a store of value for assets.
Many people are beginning to realize that Bitcoin serves more than just as a transaction medium; the solution to energy issues that have continued to persist can be found in Bitcoin mining.
The Possible Solution to U.S. Energy Independence
Some United States Congress members are now making a case for the full implementation and leverage of Bitcoin to improve the energy sector of the U.S.
In a recent tweet, a U.S. House of Representatives member, Pete Sessions, noted how Bitcoin mining could help the country’s energy sector attain independence.
Similarly, Senator Cynthia Lummis further confirmed the above assertion by saying that the earlier the government looks into how the U.S. can leverage Bitcoin mining to achieve energy sufficiency, the better for the country. The senator has been an ardent promoter of Bitcoin mining for energy independence.
The call for energy independence is not a recent phenomenon. Still, the topic always comes up in different ways whenever there is a threat to energy sufficiency during geopolitical conflicts or market instability that leads to rising oil prices.
The present call for energy independence comes amid the ongoing war between Russia and Ukraine, which has resulted in the price of crude oil shooting above the roof. This event has led to the rise in gas prices despite the United States being one of the largest producers of petroleum products.
Early in March, the U.S president, Joe Biden, complained about the situation that led to the high cost of energy and the fluctuations in the commodity’s price, stressing that external influence is driving the price up.
Biden urged the American people to explore renewable energy sources to hasten the drive for energy independence and help protect the United States’ economy.
Is Bitcoin Mining The Solution to The Energy Crisis?
Promoters of Bitcoin mining have for long held the notion that the pioneer crypto network holds the solution to energy insufficiency to the world.
As Bitcoin mining is energy-intensive, many Bitcoin mining enthusiasts believe it is a good thing to explore for the United States energy industry.
The main reason is that Bitcoin mining is flexible and very portable and can be effortlessly carried out anywhere and at any period. This flexibility eliminates any barrier that has been the stumbling block for renewable energy generation, usually low.
Taking Bitcoin mining right to the energy source prevents energy waste and promotes energy conservation. And households can generate their energy source using Bitcoin mining, leading to a reduced load on the grid.