Jack Dorsey saying that 'bitcoin incentivizes renewables' is the modern monetary theory of green energy. Gonna leave the fridge door open, the air conditioning on and drive my EV with the breaks engaged to accelerate the green revolution
>Life, which you so nobly serve, comes from destruction, disorder and chaos. Take this empty glass. Here it is, peaceful, serene and boring. But if it is [Pushes glass off table] destroyed… [robot cleaners move to clean broken glass] Look at all these little things. So busy now. Notice how each one is useful. What a lovely ballet ensues, so full of form and color. Now, think about all those people that created them. Technicians, engineers, hundreds of people who'll be able to feed their children tonight so those children can grow up big and strong and have little teeny weeny children of their own, and so on and so forth. Thus, adding to the great chain…of life. [Desk prepares a glass of water and a bowl of fruit] You see, Father, by creating a little destruction, I'm actually encouraging life. In reality, you and I are in the same business. Cheers.
Bitcoin should still reduce energy consumption but in the short term it can still have a positive effect on renewable investment.
https://wintonark.medium.com/bitcoin-mining-impact-on-renewa...
About 15% of US household natural gas usage is for domestic hot water heating. That adds up to a lot of CO2.
https://www.eia.gov/todayinenergy/detail.php?id=37433
Edit: corrected percentage and added reference.
What I was describing is more along the lines of dispatchable electric heat pump water heaters in houses. These type of water heaters are already available today, and we should be replacing every natural gas water heater with them.
However, heat loss is not a significant issue. These systems were installed in Scandinavian countries as well as in a lot of the Soviet Union, with heat losses of 9% and less achievable. This compares favorably with ~5% power losses in the grid. Water stores heat very very well.
The main advantage is that while yes it is a bit less efficient for waste electricity, it allows nuclear power plants, data centers, and other waste heat-producing industries to recuperate 80+% of heat losses, and crucially when heating is a big cost, thermal solar is about 3x more effective than photovoltaic.
This system would make it possible for 100% of heating carbon emissions to be eliminated, all the time, while at the same times allowing for buffer tanks to soak up excess electricity supply.