News of the North- The first-ever Bitcoin Alaska Conference will be held July 5–6 at Centennial Hall in Juneau, with keynote speaker U.S. Rep. Nick Begich III, a longtime advocate for cryptocurrency, kicking off the event. Organizers say the conference will bring together policymakers, energy experts, and Bitcoin enthusiasts to examine the role of cryptocurrency in shaping Alaska’s economy and energy future.
Alaska offers a unique energy-rich environment, particularly on the North Slope, where abundant “stranded” natural gas from oil production could power cryptocurrency data centers, Stax Capital Partners, a Wasilla-based startup, recently proposed building a 50 MW Bitcoin mining facility south of Prudhoe Bay, about the same amount of electricity used as Alaska’s largest coal plant, according to the Alaska Beacon.
A New York Times investigation found that U.S. Bitcoin mining operations can require power comparable to small cities, and during crises like Texas’ 2021 Winter Storm Uri, some operations were actually paid to shut down to protect vulnerable power grids, Critics warn that large-scale installations, like those proposed in Alaska, risk similar grid strain and could push fossil fuel consumption higher.
Bitcoin mining is an energy-intensive process; computers perform trillions of calculations per second, hunting for a combination of numbers that Bitcoin’s algorithm will accept. About every 10 minutes, a computer somewhere guesses correctly and wins a small number of Bitcoins worth.
According to the New York Times, Bitcoin mining operations can create costs, including higher electricity bills and enormous carbon pollution.
The Bitcoin Alaska Conference aims to explore how digital currency could bolster state revenue, energy sovereignty, and economic development discussions around renewable energy partnerships and regulatory frameworks meant to ensure responsible development.
Wade Hoek, taking part in the conference as a Bitcoin educator says he sees Bitcoin as the next big thing in Alaska “It gives us the ability to monetize energy without having to export it.”
Hoek also poses Bitcoin as a way to “Opt out” of inflation, especially for Alaska Homeowners. “So if you look at the cost of a home in dollars in 2017, the median was $350,000 for a home. Today we’re looking at 550 grand plus, so your home isn’t going up in value. It’s going up in price. ” he said “And Alaskans, especially in the remote areas, are affected disproportionately by monetary debasement, by inflation. So this gives people the ability to opt out of inflation and store their value in something that is absolutely scarce, because scarcity is what actually derives value.”
The conference will be held at Centennial Hall Convention Center and will feature a lineup of speakers including Alex Gladstein, CEO of the Human Rights Foundation.
Hoek concluded by saying “if you’re an advocate of the technology and you just don’t understand it, this conference is geared to take you from zero to hero in two days, everything from the basic of economics and how Bitcoin revolutionizes the whole industry, or if you are anti Bitcoin, come listen to these people and come with an open mind to understand this.”
