Fred Thiel: Regulators should encourage miners to use green energy

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The CEO of mining company Marathon Digital, Fred Thiel, believes that the transition of bitcoin miners to renewable energy sources depends on regulatory incentives.

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Fred Thiel stated that it is Marathon Digital that can be perceived as an exemplary mining company:

“Unlike other miners who simply take energy from the network, competing with other consumers, we are always monitoring the counter. It’s more like a symbiosis with the energy grid than a parasitism.”

Thiel was quick to point out that Marathon is trying to maximize its share of renewable energy. So, earlier the company announced plans to move capacities from the state of Montana to locations with an excess of “green” energy. The Marathon CEO also noted the opportunity to mine bitcoin using associated gas in oil production.

“If you give miners an incentive to locate near renewable energy sources, then miners will move to such locations,” says Thiel.

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Note that according to the White House report, the total energy consumption of cryptocurrency miners in the United States is 50 billion kWh per year. Analysts point out that the deployment of miners in states with a surplus of “green” energy allows to stimulate the construction of such power plants, but the development of electricity delivery networks remains a problem.

Source: Bits

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