2023-03-23 20:41:02
Bill introduced in Congress expressing the importance of bitcoin mining to help the US achieve its energy goals and grow its economy
A new resolution has been introduced to the 118th Congress by Congressman Pete Sessions to foster the growth of bitcoin mining in the US recognizing its importance to the United States ability to achieve its energy goals and growth of its economy, infrastructure and national security.
The bill highlights many unique benefits of bitcoin mining as a flexible, interruptible, location agnostic energy consumer of last resort that can directly subsidize energy costs, mitigate methane emissions, monetize curtailment, expand renewable infrastructure, stabilize grids, provide energy access to remote places and scale sustainable energy production.
>PoW mining uses .14 percent of the global energy supply, which is less than the amount of electricity lost in transmission and distribution each year.
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>PoW mining seeks out low-cost energy and can utilize excess supply during off-peak periods, which improves the overall economic viability of renewable energy projects.
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>PoW mining also contributes to grid stability through demand response, whereby miners can quickly curtail load to maintain equilibrium between supply and demand on the electrical grid.
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>PoW mining economics are notably responsive to electricity prices, and miners can curtail operations when electricity supply is low or prices are high, providing more energy to households and the grid during times of heavy demand.
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>During the winter of 2022, the State of Texas experienced record cold temperatures straining the electrical grid, Bitcoin miners collectively reduced usage by up to 1,475 MW which is enough power to heat 1,470,000 small homes.
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>PoW mining can reduce methane emissions by using stranded or wasted methane as a fuel source, thus reducing the amount of methane that enters the atmosphere.
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>It is the sense of the House of Representatives that energy development should be a key pillar to the growth of the United States economy, infrastructure, and national security, and Proof-of-Work mining can help develop advancements in all of these sectors.
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>Proof-of-Work mining is an important part of the United States ability to achieve energy independence and continued national security.
Link to the bill - https://www.govinfo.gov/content/pkg/BILLS-118hres238ih/pdf/BILLS-118hres238ih.pdf
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