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The use for bitcoin mining in stabilizing energy markets is very interesting

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What we are beginning to see with energy production, in places like Kazakhstan and Texas, is using bitcoin mining as a sort of financial battery to store the value of produced energy digitally, and then to use this value to trade between energy producers based on need. This will make energy markets more efficient, and make energy grids more resilient. You can produce at below peak times, and then buy at peak times with the bitcoin mined at other times. You can produce a sellable asset with waste energy and energy resources to offset the cost of production. This is fantastic.

But a less talked about subsequent effect of this that I (possibly naively) foresee is the increasing competition for energy by consumers vs bitcoin miners (often the energy producers themselves). A time will come if this continues when an energy producer will ask "what's more profitable, mining or selling the energy to consumers?" and when that happens the price of energy will begin to be dictated by the price of bitcoin. How much you pay for electricity will be tightly correlated with how much bitcoin can be harvested with that energy and how much in fiat it can be sold for. Once this happens, bitcoin then becomes a sort of de facto reserve currency for bitcoin markets, the price of energy will become volatile as the price of bitcoin, and it would make sense then to price energy directly in bitcoin. Bitcoin will become the unit of account in energy markets. Once this happens I expect bitcoin to grow out of just the energy industry as a unit of account over time and begin to be used as a unit of account for more and more markets, since energy costs are so fundamental to the costs of most other things. This phenomenon we are seeing now, the use of bitcoin mining to extract value from waste energy, will directly lead to Bitcoin being used as a unit of account worldwide.

Perhaps I'm missing something but I don't think so.

submitted by /u/Ur_mothers_keeper
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