NEW INDUSTRY WANTS TO SET UP IN THE UK

At Bitcoin Policy UK we hear from the UK Bitcoin community all the time about the barriers to Bitcoin businesses setting up in the UK.

From local businesses wanting to accept bitcoin for goods and services to emerging games companies like ZBD we hear the same set of stories. Unclear Bitcoin regulation and tax information combined with active blocking of transactions for those involved in Bitcoin industries from the major UK banks. How can this be good for industry in the UK to compete in market places that are increasingly becoming global?

Below we take an exciting startup and describe the amazing good they can achieve for our struggling grid. Is this really the innovation we want to stop in the UK?

• Constrained energy  has cost the consumer £1.5B total in the year to  date. RenewaBlox will use Bitcoin mining to not only reduce that cost burden on the consumer, but create economic gain, new jobs  and tax receipts.
• Following the general election, the Labour-run DESNZ formed the National Energy System Operator (NESO). Now, since the decision to back a reformed National Market, NESO has been focussed on addressing constrained energy. According to their own report, Clean Power 2030, will increase 4-fold over the next 5 to 10 years.
• NESO have now green-lighted a new market, specifically designed for constrained energy, called Demand for Constraints (DfC). The market  structure as outlined by NESO, in collaboration with Arup, presents an ideal opportunity for a technology type such as Bitcoin mining  data centres to participate.
• According to  Arup’s report, up to £2.5B of savings can be passed on to  the consumer over the next 10 years if constraints are managed through NESO’s Demand for Constraints market
• On a recent NESO ‘Expert Group’ industry-wide call (including representatives from industries such as traditional data centres / electric arc  furnaces / hydrogen electrolysis / battery energy storage systems),  it became clear that these industries cannot economically justify only running at 30 - 40% of the time, as has been outlined as required by Arup.
  Bitcoin mining can viably operate at only 30 - 40% uptime and only as required by NESO to manage constraints,  assuming the market structure outlined by Arup above
• RenewaBlox can help to support this market need
  

Help us at Bitcoin Policy UK make fair policies that will benefit all those in the UK who hold, use and mine Bitcoin.