IEEE Study Proposes Storing Excess Solar Power Value in Bitcoin Mining

An IEEE case study suggests a new approach for handling excess solar power by directing surplus electricity into Bitcoin mining, providing an alternative to traditional battery storage or grid sellback. The study highlights major challenges faced by digital asset miners, notably high energy consumption and environmental concerns, and examines the seasonal mismatch between solar energy production and electricity demand, especially in regions like Finland. The proposed solution allows homeowners to switch between selling excess power to the grid or using it for crypto mining, depending on which is more profitable. A real-world application in a Helsinki apartment building equipped with solar panels demonstrates up to a 68.1% reduction in annual housing costs using this ’energy-to-Bitcoin’ hedging mechanism. The report calls for further research into peer-to-peer energy trading and government policies to support adoption. This model could incentivize broader investment in renewable energy and new ways of integrating crypto mining with the power sector, potentially reducing operational costs and environmental impact for miners.