TechFlow news — According to Cointelegraph, the UK-based Bitcoin Policy UK has recently proposed to the newly elected Labour government that bitcoin mining could help address local electricity demand challenges. In a report released on July 10, the organization stated that bitcoin mining can utilize idle renewable energy and provide fully flexible demand, thereby making renewable power grids more stable and viable. The report also emphasized that bitcoin mining requires no government subsidies or payments and can make use of any surplus or wasted energy. Freddie New, co-founder of Bitcoin Policy UK, said the group looks forward to collaborating with the new government to advance bitcoin-related policies.
Following the UK general election on July 4, Bitcoin Policy UK is advancing this new strategy. The incoming Labour government has announced plans to establish a £7.3 billion ($9.3 billion) national wealth fund to support green industries. Local cryptocurrency communities are calling for more coherent crypto regulations. Freddie New, co-founder and policy lead at Bitcoin Policy UK, said they are seizing this opportunity to advocate for sound policies to "protect and uphold" the rights of millions of British citizens who hold bitcoin.
