11/30/23 Roundup: Mining Momentum

Onramp Weekly Roundup
Written By Dylan LeClair

Hi all,

This is Dylan LeClair, presenting this week’s Onramp Weekly Roundup. 

First off, a special note for High Net Worth Individuals and Institutions: If you’re seeking optimal exposure to bitcoin, Onramp Bitcoin might be the perfect solution. We invite you to schedule a chat with us to explore how we can meet your specific needs and objectives.

Now, let’s dive into the highlights of this week’s roundup, focused on exciting developments in the mining sector.

Bitcoin Mining and Renewable Energy: The Evolving Relationship

Recent research is reshaping the view of bitcoin mining, highlighting its potential symbiosis with renewable energy. Studies, like one from Cornell Engineering, show bitcoin mining could support renewable energy development. Mining acts as a flexible load, increasing operations when renewable energy is plentiful and decreasing when it’s scarce, aiding in energy conservation.

Bitcoin Mining for Grid Stability

In addition to its synergy with renewable energy, mining is increasingly recognized as a potential stabilizing force for power grids. Research suggests employing mining operations as a dynamically adjustable load that responds to fluctuations in the power grid. This concept, elaborated in the study “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency,” co-authored by ERCOT’s former CEO, demonstrates how mining can contribute to grid stability. By effectively utilizing stranded energy – energy that would otherwise go unused – mining transforms it into a valuable asset, thereby improving the overall efficiency of the energy sector.

Stratum V2 Mining Pool by DEMAND

DEMAND’s new Bitcoin mining pool utilizes Stratum V2 protocol, giving individual miners more control over block template construction. This enhances decentralization and combats censorship. By empowering miners to select transactions for blocks, it promotes a more resilient Bitcoin network. To promote Stratum V2, DEMAND has also introduced a hash power resale marketplace, targeting solo miners.

OCEAN Mining Pool Launch by Jack Dorsey

In a move parallel to DEMAND’s launch, Jack Dorsey has recently invested in OCEAN, a bitcoin mining pool co-founded by Luke Dashjr that debuted just a day after DEMAND. Echoing similar principles, OCEAN empowers ASIC miners to create their own block templates, promoting decentralization and resisting censorship. Additionally, OCEAN is actively developing innovative methods to integrate the Lightning Network into their mining pool operations.

Closing Note

Wrapping up this week’s digest, Onramp Bitcoin invites you to explore our offerings on our website.

With an industry-leading multi-party custody solution, Onramp allows Bitcoin withdrawals without triggering a taxable event. Onramp stands as an optimal solution for HNWI and institutions seeking Bitcoin exposure prior to transitioning to self-custody.

If Onramp’s offerings align with your needs, or those of someone you know, feel free to schedule a chat with us here.

Onward and Upward,

Dylan LeClair