Jon Ludwig

Due to a combination of misinformation, confirmation bias and tribalism, the entire green energy transiton discussion has thus far failed monumentally to acknowledge the critical role bitcoin mining can play in: - obviating gas peaker plants used as backup for when solar/wind isn't available - reducing interconnection queues for solar/wind farms - slashing the ROI payback period for solar farms - reducing curtailment costs - stabilizing grids and - monetizing wasted energy. In short - Bitcoin mining contribute meaningfully to every major challenge the green energy transition has faced, is facing and will face. This is backed up in a large body of both real world cases studies, and peer reviewed research. Time to put aside past prejudices and take a second look?

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Natural gas power generation is having a moment in M&A.   After a quieter stretch, 2025 has seen a sharp rebound in deal activity, driven by surging load growth, elevated power prices, and rising hurdles to greenfield development. For many IPPs and utilities, M&A has become the fastest and most cost-effective path to secure reliable capacity in a constrained market.   Recent transactions are coming in at $0.7 - $1.0 million per MW, well above the 2021–2024 average, yet still a discount to the $2–$3 million per MW needed to replace these assets today. That gap is telling.   In today’s environment, acquiring existing capacity isn’t just a strategy - it’s a hedge against development risk. And it may signal the start of a new valuation floor for gas assets in key markets. Enverus Intelligence® Research

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A thread on a prioritization hierarchy for how to use natural gas. There is a lot of support from politicians and the natural gas industry for the use of natural gas in “baseload”* power plants. To my eye methane is a super valuable molecule that we can use in all sorts of beneficial ways and burning it 24/7 for power generation is the second-worst possible use case. Which raises the question: what are the best uses of natural gas produced in the USA? Here is my list of ways to use natural gas ranked in descending order of benefit to society--what did I leave out or get wrong? 1.        Feedstock for agrochemicals (fertilizer, pesticides, etc.) 2.        Outdoor grilling on the 4th of July or other special events 3.        Feedstock for plastics and other durable materials 4.        Feedstock for consumable chemicals and products such as nutraceuticals, shampoos, cleaning solutions, perfumes, etc. 5.        Exported as LNG to Europe and S. Central Asia to help our friends and allies get out from under the thumb of Vladimir Putin 6.        Exported as LNG to China to reduce their coal usage 7.        Backup and peaking power generation domestically 8.        Converted to ammonia to export to Japan, S. Korea, Singapore, etc. as they decarbonize their power sector  9.        Heating in old buildings in cold climates (especially where it can be used to displace fuel oil) 10.  Industrial heat in old facilities 11.  Feedstock w/carbon capture to make clean hydrogen that can be used for industrial heat and processes that are hard to electrify 12.  Indoor cooking in old houses that are well ventilated 13.  Heating in old buildings in mild climates  14.  Indoor cooking in old houses that are poorly ventilated 15.  Heating in new buildings in mild climates 16.  Indoor cooking in new buildings 17.  Mid-merit power generation 18.  “Baseload”* power generation 19.  Outdoor residential lighting during a summer afternoon in hot climates** *I put “baseload” in parenthesis because it is an antiquated concept that doesn’t really make sense in modern grid operations.  “Flexible” and “dispatchable” and “clean firm” power systems are valuable to the grid but “things with emissions that you must run 24/7 and can’t dial back” are not so useful.  **In my neighborhood many of the new mansions add outdoor gas lighting that they leave on round-the-clock including during the brightest hours of the day in the peak of summer, which is just insane.

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