Jihan Wu, founder of Bitmain and Bitdeer, said via his X account, "Bitcoin miners can be a 'buyer' of surplus power derived from the oversupply of solar power generation in Europe." He explained, "The solar power cannibalization phenomenon (deterioration of profitability due to oversupply) in Europe is severe. This is because the pace of solar power dissemination is outpacing the speed at which the existing power system can secure flexibility. Therefore, battery storage, grid expansion, and flexible responses to demand are essential. Consuming surplus power for Bitcoin mining and computing demand should also be seriously considered. Appropriately designed flexible power demand can act as the ultimate buyer of surplus renewable energy."
