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What Bitcoin Did with Peter McCormack

Apr 22, 2022

Shaun Connell is Executive VP of Power at Lancium and an energy trading expert focused on incorporating Bitcoin mining into energy transition services. In this interview, we discuss the fundamentals of energy trading, the need to balance energy supply with demand, and the symbiotic relationship between Bitcoin mining, renewables and the energy grid.

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If climate change forecasts are to be believed, the implications for society are profound. Many believe that the sources of energy that enabled our society to thrive and prosper over the past 250 years need to be replaced by alternative types of energy deemed to be more sustainable. Others fear that such a transition risks millennia of civilisational advancement.

The debate around climate change and energy is therefore highly charged. And yet, there is a significant deficit in our general understanding of how the energy system works.

Wind and solar are now the cheapest sources of energy, so why aren’t we rapidly progressing to 100% renewable energy grids? If we need to decarbonise the grid, why do wind and solar producers have to curtail energy production? If Bitcoin mining is becoming an increasingly more significant user of energy, why are grid managers increasingly seeking to assimilate it?

Whatever the reasons for the ignorance of the energy system, and whether or not it has been or will be exploited by special interests, the obvious concern is that it will lead to bad policy being formulated at a critical time. Knowledge is power.