Solar and wind energy installations could earn hundreds of millions of dollars by mining bitcoin during periods of excess electricity generation, according to a new study. Scientists from Cornell University in the US, who conducted the research, said setting up mining operations could reduce the environmental impact of cryptocurrency, while also providing revenue that could be reinvested in future renewable energy projects. “Profitability of a mining system hinges on periods of steady energy availability since renewable energy sources can vary significantly,” said Fengqi You, a professor of energy systems at Cornell University. “Therefore, it is important to site the mining farm strategically to maximise productivity.” The state with the most potential for setting up profitable crypto mining operations is Texas, according to the study, with 32 planned renewable projects capable of generating combined profits of $47 million. California, Colorado, Illinois, Iowa, Nevada and Virginia all showed potential, though setting up mining rigs presents a large initial cost. One way of incentivising such projects, Cornell doctoral student Apoorv Lal suggested, could be the introduction of new policies that provide economic rewards for mining bitcoin and other cryptocurrencies with clean energy ”These rewards can act as an incentive for miners to adopt clean energy sources, which can lead to combined positive effects on climate change mitigation, improved renewable power capacity, and additional profits during pre-commercial operation of wind and solar farms,” Mr Lal said. “We also recommend policies that encourage cryptocurrency-mining operations to return some of their profits back into infrastructure development. This would help create a self-sustaining cycle for renewable energy expansion.” Bitcoin has drawn criticism from environmentalists for the vast amounts of electricity required to support its network and mint new units of the cryptocurrency, with recent analysis from the University of Cambridge estimating that it uses roughly the same amount of electricity as Poland. The plummeting costs of renewable energy mean bitcoin miners are increasingly turning to solar, wind and hydro sources to power their operations. “In its current status, the infrastructure that supports the Bitcoin protocol cannot be sustained, but the beauty of the protocol is that the incentive structure will force miners to adopt the cheapest form of electricity, which in the near future will be renewable energy,” Don Wyper, COO of DigitalMint, told The Independent last year. The latest study, titled ‘From mining to mitigation: how bitcoin can support renewable energy development and climate action’, was published in the journal ACS Sustainable Chemistry & Engineering. Read More Bitcoin mining rate hits all-time high amid record-breaking prediction for 2024 Nasa has received a signal from 10 million miles away Scientists reveal surprise finding from huge study into internet and mental health Nasa has received a signal from 10 million miles away Scientists reveal surprise finding from huge study into internet and mental health Software firm Cloudsmith announces £8.8m investment

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Mercedes boss Toto Wolff lost his cool in a wild and chaotic defence of the shambolic start to this weekend’s Las Vegas Grand Prix. On Formula One’s much-anticipated return to Sin City after more than 40 years away, opening practice was scrapped with just eight minutes on the clock when Carlos Sainz’s Ferrari was damaged by a drain cover at 210mph. Second practice was delayed by two and a half hours as repairs were carried out. The running then took place in front of empty grandstands after disgruntled spectators were ejected to comply with local employment laws. However, Wolff – whose position at Mercedes is under scrutiny following his team’s abysmal performance at the last round in Brazil – elected to fight Formula One’s corner. “This is not a black eye (for F1),” said the Mercedes team principal. “This is nothing. “It is Thursday night. We have one practice session that we are not doing. They are going to seal the drain covers and nobody will talk about that tomorrow.” A journalist described Wolff’s comments as “absolute rubbish”, leading the Austrian, 51, to hit back: “Did you ask the question? It’s completely ridiculous, completely ridiculous. “How can you even dare to talk badly about an event that sets the new standard? You’re speaking about a f****** drain cover that’s been undone, and that has happened in F1 before. “It is first practice. Give credit to the people that have set up this Grand Prix, and that have made the sport much bigger than it ever was. “(F1’s owners’) Liberty Media have done an awesome job, and just because a drain cover has become undone, we shouldn’t be moaning. “We need to analyse how we can make sure that this doesn’t happen again. But sitting here talking about a black eye for the sport on a Thursday evening… nobody watches that in European time anyway.” Read More Toto Wolff fuelled by ‘personal anger’ to help Lewis Hamilton win eighth title On this day in 2010: Sebastian Vettel becomes youngest ever F1 world champion Lewis Hamilton ‘counting down days’ to end of season after another poor race

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