Bitcoin mining isn’t just getting greener—it’s shaking up energy markets in a big way, according to Tucker Highfield, CFO of Genesis Digital Assets (GDA), speaking at Web Summit Qatar.

He shared how the industry is tapping into renewable energy, boosting grid efficiency, and even turning waste energy into something useful.  

GDA, a heavyweight in Bitcoin mining with bases in Houston and Dubai, recently bumped up its power capacity by nearly 10%, solidifying its spot as a top player.

“Bitcoin mining’s impact on energy markets is real,” Highfield said. “It’s helping create renewable energy, cutting emissions, and even keeping heating bills down. It’s only getting more sustainable, and pretending it doesn’t exist could cost us.”  

Speaking from the summit’s new energy stage, he tackled the skeptics head-on: “I get it—some of you think Bitcoin mining just burns energy. But it’s actually one of the most adaptable, sustainable energy users out there. About 60% of it runs on clean sources like hydro, solar, wind, and nuclear. Miners can set up anywhere energy’s cheap, which helps balance grids.”  

He went further, pointing out how GDA’s operations turn excess data center heat into warmth for buildings and greenhouses in freezing climates. “We’re not just consuming energy,” he added. “We’re making green projects viable—shutting down when demand spikes, or using stranded gas to mine instead of flaring it.”  

Fresh off that, GDA just fired up 50 MW more capacity at its Pyote and Vernon sites in West Texas. With cutting-edge hardware and smarter infrastructure, they’re squeezing more efficiency out of the same space. This new setup ties into Texas’ demand-response program, tweaking power use to ease peak loads and bolster grid stability—proof GDA’s playing smart with energy.  

“Efficiency’s everything in this game,” Highfield said. “This Texas boost keeps us competitive without skimping on responsibility.” It’s a move that doubles down on the U.S.—and Texas especially—as a Bitcoin mining hub, thanks to its solid regulations, energy setup, and renewable access.  

“The industry’s booming,” he noted. “In 2024 alone, the network’s computing power jumped 52%, with the U.S. holding a 36% share.” He explained how miners act like a buffer for grids: soaking up extra wind or solar power when it’s plentiful, then stepping back during storms or shortages. “It’s about stability—less waste, more balance.”

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