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Rooftop Solar and Crypto Mining Could Kick off a Green Power Revolution
Exploring an overlooked technology that could make Bitcoin carbon-neutral overnight
As the reach of cryptocurrencies like Bitcoin expand, societies are becoming increasingly aware of their massive environmental impact. The Bitcoin network now uses more electrical power than many countries, generating over 23 million tons of carbon emissions in 2019 alone. Crypto evangelists like Elon Musk have sworn that they won’t promote currencies like Bitcoin until they go green.
That change is happening, albeit slowly. Companies worldwide are finding creative ways to mine cryptocurrencies sustainably. One technology for sustainable mining, though, is often overlooked. It uses existing infrastructure, fits perfectly with the distributed ideal of cryptocurrencies, offers the promise of rapidly greening crypto — and could make ordinary people boatloads of money in the process. The technology is rooftop solar.
According to the trade group SEIA, as of 2019 more than 2 million American homes and businesses have rooftop solar panels. Those panels churn out green, carbon-free energy, but their output is inconsistent--when the sun sets at night or clouds come out, they stop generating power. That’s why many solar users take advantage of a process called net metering. At night or when it’s cloudy, they draw power from the traditional electric grid, and their electric meter spins forward.
When it’s sunny, though, their solar panels supply excess power back to the grid, and their meter spins backward. At the end of the month, they pay only for the “net" amount of power they used. If they generated 1,000 Kilowatt Hours (kWh) in a month and used 1,100 kWh, for example, they’d only pay for their 100 kWh net usage. Net metering allows solar users to power their homes 24/7 without the bulk and expense of batteries--the grid, in effect, becomes like a giant battery, supplying their needs when their panels aren’t generating.
There are several problems with net metering, though. For one thing, utilities often try to phase it out or limit it. They also pay terrible rates for any excess power that a user generates beyond what’s needed to run their own home or business. Here in…
