With the leading crypto surging in value throughout November, Bitcoin mining reportedly supports local grids, according to $870 billion asset manager Macquarie Group Limited. Indeed, VanEck head of digital asset research, Matthew Sigel, revealed the game-changing statement in a post to X (formerly Twitter).
The asset manager stated their belief that hyperscalers are “already scaling back their strict standards for latency and availability and will continue to do so as power access becomes a priority.” The ongoing sentiment runs against the perspective that Bitcoin mining is a strain, reinforcing its stabilizing power.
JUST IN: $870 billion asset manager Macquarie says #Bitcoin mining supports local grids.
— Watcher.Guru (@WatcherGuru) November 29, 2024
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$870 Billion Macquarie Group Says Bitcoin Miners Support Local Grids in New Report
There is no denying that Bitcoin has enjoyed an unprecedented month. Since Donald Trump won the 2024 presidential election, the leading crypto has soared in value. Over the last 30 days, it is up more than 34.5%, according to CoinMarketCap. Moreover, it set an all-time high a week ago, reaching a price of $99,000.
Now, amid its increased relevance, there are more reasons for the asset’s prominent growth. Indeed, Bitcoin mining reportedly helps to support local grids, according to asset manager Macquarie. Indeed, the firm recently discussed mining in a research report, highlighting its importance.
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The firm discussed how miners have “benefitted from demand response programs, allowing them to reduce power usage during peak demand periods and contribute to grid stability.” Moreover, they note this “flexibility has helped miners secure lower costs while supporting local grids.”
This has been a consistent benefit of BTC mining. In June of this year, Lumerin co-founder Ryan Condron noted that miners help to expand renewable energy usage and balance energy networks. Indeed, in a report to CoinDesk, Bitcoin miners were tasked with stabilizing power grids that were being strained by the influx of AI data centers.