The energy requirements of crypto miners have received heavy criticism. Crypto mining advocates have countered by claiming that mining promotes renewable development, decarbonization, and grid reliability. But are these claims too ambitious? Read this paper to learn why:
- Crypto mining can increase renewable energy investment and improve reliability but at the expense of the climate.
- Electricity demand from crypto miners will likely exceed curtailed renewable energy.
- There are more effective tools available to address the problems crypto mining advocates purport to solve, and crypto mining reduces the incentive to deploy them.
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