In an exclusive interview with The Block, Daniel Roberts, co-founder and co-CEO of Bitcoin mining firm Iris Energy, unveiled the pivotal role Bitcoin mining can play in the decarbonization of energy markets.
Iris Energy strategically positions its Bitcoin mining operations in proximity to renewable energy sources, contributing to the equilibrium between the supply and demand of renewable power. Roberts highlighted the company’s approach, which harnesses idle renewable energy assets to support the energy grid, particularly in regions like West Texas, where renewable generation surpasses transmission capacity.
Renewable power markets face the challenge of balancing supply and demand, often leading to situations where remote solar or wind projects generate renewable energy certificates without immediate local demand. Roberts emphasized Bitcoin mining’s suitability for addressing these issues, offering a valuable service to the grid. Bitcoin mining, with its ability to swiftly adapt to price changes, emerges as a responsive solution for grid management compared to traditional industries.
In practical terms, Roberts explained that they can take energy from the grid when it’s advantageous to all parties involved, or turn off their Bitcoin mining and re-supply power to the grid when it’s in need. Iris Energy’s innovative approach aligns with the company’s commitment to sustainability, exemplified by its receipt of $2.3 million in power credits in August, primarily attributed to voluntary curtailment at its Childress site in Texas during peak demand.