Bitcoin Has Sparked Interest as A Potential New “Green” Energy Source
According to Gilbert, there have been several recent collaborations between nuclear power firms and bitcoin miners. Okay, Nuclear Power and bitcoin mining firm Compass Mining established a 20-year commercial collaboration in July. Under the agreement, Oklo will ultimately power a portion of Compass Mining’s mining operations with carbon-free nuclear energy, which would reduce the company’s carbon footprint. Announcing its plans to provide nuclear electricity to Standard Power’s new Bitcoin blockchain mining center in Coshocton, Ohio, earlier this month, Akron, Ohio-based energy firm Energy Harbor Corp. said it would begin supplying nuclear power to the facility in December 2021. Even though it is a modest step, “the shift by bitcoin miners to carbon-free energy supplies like nuclear energy shows growing worries in the cryptocurrency sector about ensuring their operations are environmentally friendly,” according to Gilbert. “Previously, the sector depended largely on coal production, which had negative health consequences and produced significant carbon emissions.” While it is currently a new trend, it may develop. According to the author, Gilbert, in the future, nuclear energy is one of many possibilities for decarbonizing cryptocurrency. Elon Musk explains why nuclear power may be a viable alternative for bitcoin mining in his recent speech. Nuclear energy, according to Musk, is one possibility for cleaning up the energy consumed by Bitcoin. “Hydro and geothermal energy are excellent sources of renewable energy… “I support nuclear power as well,” Musk said. “Contrary to popular belief, I believe that contemporary nuclear power facilities are safe.” To run a lot of hashing rigs efficiently, you need to keep them running around the clock, which implies you need a baseload, according to Musk. As opposed to “intermittent” power sources, which are only accessible sometimes but not all of the time, such as wind or solar, “baseload” power refers to a constant energy source such as nuclear. Wyoming Is Paving the Way for The Development of Nuclear Bitcoin Mining Facilities: Wyoming is already well-positioned in its ambition to become a bitcoin mining hotspot because it is one of the country’s largest net energy providers (it generates 14 times more energy than it uses). The state’s energy system is presently composed nearly entirely of fossil fuels, but Wyoming is working with Bill Gates’ firm TerraPower to construct a new nuclear reactor in an abandoned coal plant, which will help the state transition to a cleaner energy future. Natrium, the name of TerraPower’s new modular reactor, is the next step in sophisticated nuclear power technology, according to the company, and will provide dependable, low-cost electricity for future bitcoin miners. “Once operational, the Natrium plant is expected to generate almost 3 million megawatt-hours of carbon-free electricity per year and prevent the emission of about 2 million metric tons of carbon,” according to the United States Office of Nuclear Energy, which is overseeing the project. The reduction of other pollutants that contribute to smog and acid rain would also help enhance the overall air quality in the area. As a result, the United States Department of Energy is spending almost $2 billion to assist in licensing, building, and demonstrating this first-of-its-kind reactor by 2028, recognizing that the new reactor would generate thousands of construction employment and hundreds of permanent jobs.
Is The Future of Bitcoin Disruptive?
At the end of the day, mining firms are searching for the most cost-effective energy source available, and nuclear power may become one of the most affordable options in the coming years. If miners can get low-cost electricity from nuclear sources, they will have a recipe for long-term prosperity. Magdalena Gronowska, a mining consultant and cofounder of Citadel 256, thinks that a combination of renewable energy sources such as wind and solar electricity and nuclear power would be the best-case scenario in the long run.
