Ed Miliband’s red tape and grid bureaucracy has actually done something right. He has made it easier, faster and make more business sense to mine Bitcoin rather than connect to the grid.

A Yorkshire gas field that could supply over 10% of Britain’s annual demand is being positioned for early Bitcoin mining rather than immediate supply to the national grid.

Reabold Resources plans a small on site gas fired power station using private gas to mine Bitcoin, generate early revenue and help fund further development of the field.

Connecting to the grid is slow, costly and tied up in years of approvals, infrastructure build out and negotiations. Using the gas on site allows immediate monetisation from existing wells and creates early cash flow without waiting for the wider system to catch up.

When the fastest and most viable route for a domestic energy resource is private on site use rather than supplying the grid, it becomes clear that Bitcoin isn’t the problem.

This neatly exposes how misaligned UK energy policy, infrastructure and incentives have become.

It’s amazing what businesses can do to stay profitable, even when the government tries to make it almost impossible.

Full article: https://www.telegraph.co.uk/gift/f18a6bf325db078e