BTC miners are considered efficient energy consumers, however, regulators must adapt – Hive

BTC miners play a key role in the energy sector, yet regulation needs to evolve – Hive

Regulators are behind in addressing the needs of BTC miners as energy consumers – Hive

Embracing regulators has become a crucial part of the Bitcoin mining industry. Governments around the world are starting to recognize the role of data centers in supporting grid stability and the transition to clean energy sources. During an interview with Cointelegraph editor Sam Bourgi at the ‘Proof of Work Summit’ in Germany, Aydin Kilic, president and CEO of mining company Hive Digital, discussed the company’s strategy to overcome regulatory hurdles and expand its footprint in renewable energy.

Kilic emphasized that miners are not energy robbers but rather the ideal customers of energy companies. They can quickly adjust their energy consumption based on signals from utility companies, helping to balance the grid during times of strain. By working with regulators at different levels, Hive has been educating them on how data centers can contribute to economic development while supporting energy grid stability, especially with the increasing use of renewable energy sources.

In Sweden, for example, authorities have updated their National Energy and Climate Plan and removed subsidies for data centers as part of a long-term environmental strategy. Kilic stressed the importance of educating politicians about the value of Bitcoin mining as an energy consumer. Hive’s strategy also involves seeking out countries with renewable energy sources to add green Bitcoin to its balance sheets while ensuring network stability.

Recently, Hive announced plans to build a 100-megawatt mining site in Paraguay, a country known for its hydropower resources. This move is expected to significantly increase the company’s mining hashrate. Kilic sees Paraguay as a huge opportunity for grid balancing and aims to establish leadership in this area.

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