A panel of industry leaders stressed on further expanding crypto mining services, claiming it will help energy systems rather than harming them, during a discussion at the Bitcoin 2024 Nashville conference.
The panel titled “Nation State Game Theory: Energy Infrastructure” was attended by Harry Sudock from GRIID Infrastructure, Jelff Lucas from Bitfarms and Lisa Hough from Bitcoin Today Coalition and Proof of Workforce, on the inaugural day of three day Bitcoin 2024 Nashville conference.
When asked whether the mining industry can help countries to judiciously use their energy resources, Lisa Hough said, “When you have a country with low access or reduced ability to harness energy then you are limiting the potential of your population. National security is three pronged-its military, diplomacy and energy.”
When asked whether energy utilization for Bitcoin mining is a “bad thing”, Lisa added, “Bitcoin is a genius of a thing that’s seeking out cheap energy. You must be aware of many examples around the world where they are harnessing water, geo-thermal energy for mining.There’s also so much infrastructure within the current energy grid that’s not being utilized.We are not monetizing every molecule (sic).”
Similarly, Jeff Lucas cited the example of Paraguay becoming the paradise destination for Bitcoin miners owing to cheap electricity rates and low tax rates.
“Paraguay has about 6.8 million people and has a GDP of around $43 Billion with per capita income of $600. Political stability and economic prosperity are paramount on the minds of the people over there and energy infrastructure is key to achieving that. The challenge is to design an infrastructure for the peak load period and not for average load on energy grid (sic),” said Lucas.
He further added that Paraguay could better use its abundant hydroelectric resources from the Itaipu Dam to support mining and the revenue from the sector might help reduce capital outlays for building infrastructure in the country.
Additionally, panelists also acknowledged other challenges and opportunities for bitcoin mining in different countries. Moreover, according to Jeff Lucas, there is hidden massive potential for long-term development, which the market in Paraguay and Argentina still needs to appreciate despite the risks of sudden regulatory amendments.
