Swiss Parliament Approves Bitcoin Mining Research to Balance Grid Excess Energy
The Swiss cantonal parliament of Bern has taken a major step toward exploring bitcoin mining, passing a bill by 85 votes in favor to 46 against.
The bill, introduced in March by a cross-party group of 23 MPs, seeks to harness excess energy for bitcoin mining while also boosting the use of renewable energy. Its aim is to address energy grid stability issues and advance the region’s economic goals through technology-driven solutions.
The Bern cantonal parliament has approved a proposal to study the impact of Bitcoin mining in the state, despite opposition from a government committee. Dennis Porter, CEO and co-founder of the Satoshi Action Fund, mentioned in a Nov. 28 social media announcement that he played a major role in drafting the bill.
Porter previously contributed to Bitcoin equity legislation in Pennsylvania, USA, and extends his expertise to this initiative in Switzerland.
The proposed study will assess the feasibility of using the canton’s excess energy for mining operations, emphasizing renewable energy to ensure sustainability. This focus aligns with the state’s efforts to optimize energy use, stabilize the electric grid and promote economic opportunities, such as job creation.
Taking inspiration from Texas, a congressional panel aims to replicate its model of incorporating Bitcoin mining into energy policy. Local reports have highlighted the group’s ambitions to use bitcoin mining as a tool to balance the energy grid.
The model emphasizes the dual benefits of energy optimization and economic development and aims to position Bern as a favorable destination for Bitcoin mining companies.
Notably, Swiss law does not recognize Bitcoin as legal tender, placing it outside the regulatory purview of the Swiss National Bank.
As Bern takes steps to start bitcoin mining, another Swiss city, Lugano, has recently been in the news for paying tribute to Bitcoin’s anonymous creator, Satoshi Nakamoto.
On November 24, Lugano unveiled a statue dedicated to Satoshi Nakamoto at the Plan B Lugano Forum 2024. The initiative is the result of a collaboration between the City of Lugano, Plan B and Tether.
Located in Villa Ciani in Lugano, this monument represents the anonymity of Satoshi Nakamoto. The sculpture shows a figure with a covered head holding a personal computer, transforming into an abstract form when viewed from different angles.
Tether’s CEO noted that the statue commemorates Satoshi Nakamoto’s impact on the global financial system, highlighting his role in promoting decentralized innovation.
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