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Can Bitcoin offer ESG opportunities? Renewablox thinks it can

Can Bitcoin offer ESG opportunities? Renewablox thinks it can

Released Thursday, 28th March 2024
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Can Bitcoin offer ESG opportunities? Renewablox thinks it can

Can Bitcoin offer ESG opportunities? Renewablox thinks it can

Can Bitcoin offer ESG opportunities? Renewablox thinks it can

Can Bitcoin offer ESG opportunities? Renewablox thinks it can

Thursday, 28th March 2024
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Callum Wheeler, CEO of Renewablox, has been involved in renewables for some time, and was a pioneer almost a decade ago in developing a consumer electronic prototype when he plugged a solar panel into the back of an iPad. He has a passion to use energy more effectively - to create progress not just to not use energy. And today he is looking at Bitcoin mining to take advantage of stranded energy in the UK and beyond.What ESG opportunities does Bitcoin offer?Initially, his career diverted for a number of years into healthcare where he was an associate anaesthetic practioneer. Around the same time, he became engrossed in Bitcoin where the underpinning philosophy attracted him."I guess I began to understand that Bitcoin represents freedom and self-sovereignty from government. I mean over the past 50 years money has become synonymous with government and I see Bitcoin as a way of untethering it."Wheeler echoes Michael Saylor (of MicroStrategy fame) expression that Bitcoin is energy."I'm fascinated between the ties of Bitcoin and energy - this is the first time you are transferring energy directly into value. Traditionally, energy is seen as a utility - we use it to power our laptops or to boil a kettle. But with Bitcoin we are transferring energy directly into value and that is something that has never happened before. And when you add in renewable energy, it is very powerful."With Renewablox, Wheeler has set his sights on stranded energy in the UK. The Renewablox solution is also universal. It can be applied to any source of renewable energy in any geographic location on a temporary, semi-permanent or permanent basisStranded energy in the UKStranded energy is something more usually associated with the oil fields of America, but the startling new reports by financial think tank Carbon Tracker in the UK has shown that curtailment of wind energy has a double whammy of wasting as much as $1.85 billion in lost energy, which then by default added $40 to every household in extra costs. This wind curtailment is mostly due to a not-fit-for-purpose grid system unable to absorb and transmit energy from multiple inputs.It is estimated that the upgrade will not be done for another seven years.Methane gas absorptionIt is a similar story with methane gas which is considered to be 80 times more damaging to the planet's environment measured over a 20-year period. Methane is produced as a natural by-product and in vast quantities from various sources such as the agricultural and Oil & Gas industries, landfills, distilling, water treatment plants, paper milling and many others.Methane can be "harvested" via Anaerobic Digester (AD) plants. Food and animal waste is collected, processed and broken down at these plants and the methane that would otherwise be lost to the atmosphere is collected and stored in tanks. Then, the gas is sent to generators in a controlled flow to produce power that can be sold to the grid or used onsite.However, like any other power producer, fluctuations in grid demand mean that generators have to be periodically powered down or even switched off, resulting in reduced efficiency, lost revenues and/or possible back up in the production process, which can't be shut off easily.The Renewablox solution solves many of the fluctuation issues and problems associated with it and is already in discussions with various operators in the UK with a view to deploying the first site at the end of 2024.There is also a second - and exciting - application of the Renewablox solution; taking methane direct from the source in industries where it is created as part of the production process, but is entirely unwanted and has to be managed or mitigated by producers.In these cases, removing methane on a consistent and industrial scale often creates additional economies of scale, both in the production of their primary product, but also in reduction of cost associated with the methane management.Renewablox is currently exploring seve...

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