Kennedy stressed that unlike facilities such as data centers, Bitcoin mining farms only operate when electricity is cheap and plentiful. When electricity scarcity causes prices to rise, mining farms reduce power usage in seconds. He gave the example of when electricity prices soar during extreme weather such as heat waves in Texas, Bitcoin miners will naturally shut down their equipment. Conversely, when electricity is cheap, mining machines remain operational, providing a steady source of revenue for energy producers.
In addition, Kennedy pointed out that Bitcoin miners actively participate in demand response projects, allowing grid operators to control their electricity consumption to stabilize the grid. He cited data from the International Energy Agency, saying that in order to achieve the net zero emission target, the demand response capacity needs to be increased 10 times this decade, that is, 500 gigawatts. The participation of Bitcoin miners in these projects helps to bid in the open market and reduce the cost of electricity for consumers.
