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The Bitcoin network’s share of global carbon dioxide emissions is only around 0.13% of the global annual total – around 47 million tonnes out of a rough total of 37 billion tonnes, according to some estimates. But despite the fact that many bitcoin mining companies use renewable energy for a significant amount of their energy needs, Bitcoin is under sustained attack for its consumption.
It is becoming clear that the biggest challenge for bitcoin mining right now is no longer just finding the best mining equipment (as Chinese miners have shut down due to regulatory crackdown and have apparently released an amount important equipment). This is how to respond to so-called environmental, social and governance (ESG) concerns regarding the use of energy and climate change.
In the United States, there are regions that are expanding their nuclear power capabilities, and many examples of bitcoin mining companies are turning to nuclear power, a carbon-free source that should help address these concerns.
In Ohio, in what companies are calling a “revolutionary climate-friendly deal,” Energy Harbor and Standard Power are teaming up to supply nuclear power to a new bitcoin mining center in Coshocton.
Compass Mining has apparently overtaken the competition, skipping the nuclear reactor stage and going straight to nuclear fission under a 20-year deal with California-based advanced fission company Okla to mine bitcoin with nuclear power.
It also appears the stage is set for nuclear bitcoin mining in Wyoming, which is partnering with Bill Gates’ TerraPower to build a new “modular” nuclear reactor to reduce the state’s reliance on fossil fuels.
Converting an abandoned stationery into a Bitcoin mining hub in Ohio
Two Ohio companies are launching a project that will bring a nuclear-powered mining center to Coshocton, Ohio.
Standard Power, an infrastructure and hosting provider, is converting an abandoned paper mill into a state-of-the-art bitcoin mine. Energy Harbor, an independent power producer, is committed to providing clean and reliable nuclear power for five years, starting December 2021, to this bitcoin mining facility and stabilizing the grid if necessary by reducing its consumption. electricity.
“Standard Power will also provide valuable reliability and stability to the transmission grid by completely shutting down operations when the power grid and other customers in Ohio need electricity the most,” according to the announcement.
Compass Mining goes straight to nuclear fission
Compass Mining, an online hosting and retail service helping miners get settled, has signed a 20-year agreement to start a nuclear fission mining operation.
Recognizing the growing demand for “clean” energy, California-based energy company Oklo is pioneering the use of nuclear fission and, according to an announcement, is the first advanced fission company to be licensed to build and operate a nuclear power plant. power plant accepted for review by the United States Nuclear Regulatory Commission.
“We are proud to lead new avenues in the commercialization of our plants by partnering with Compass to decarbonize Bitcoin,” said Jacob DeWitte, CEO of Oklo, in the announcement.
Wyoming leads the way for Bitcoin nuclear mining
As one of the largest net suppliers of energy to the United States (it produces 14 times more energy than it consumes), Wyoming is already well positioned in its quest to become the Mecca of bitcoin mining.
As the state’s energy grid currently uses nearly 90 percent fossil fuels, Wyoming is moving towards greener energy by partnering with Bill Gates’ company TerraPower to build a new style of nuclear reactor in an abandoned coal-fired power station.
According to TerraPower, its new modular reactor, called Natrium, is the next step in advanced nuclear technology and will ensure reliable and cheap power for future bitcoin miners.
“Once in service, the Natrium plant is expected to produce nearly 3 million megawatt hours of carbon-free electricity each year and avoid nearly 2 million metric tonnes of carbon,” the US nuclear energy board said about of the project. “It will also avoid other pollutants that lead to smog and acid rain to improve the overall air quality in the region.”
Recognizing that the new reactor will create thousands of construction jobs and hundreds of permanent jobs, the US Department of Energy is investing nearly $ 2 billion to support the licensing, construction and demonstration of this reactor. one of a kind by 2028.
And it seems likely that this growing focus on nuclear power will soon be appreciated by Bitcoin miners, as U.S. state senator Cynthia Lummis, a staunch supporter of Bitcoin, continues to promote the industry.
“Wyoming powers America, and I am proud of the work Governor Gordon and Senator Barrasso have done to advance nuclear power generation here,” Lummis said. recently tweeted. “It’s great to see TerraPower and PacifiCorp recognize what we’ve always known in Wyoming: there is no better place to do business. “
Is Bitcoin’s Future Nuclear?
Ultimately, mining companies are looking for the cheapest energy available, and nuclear may become one of the cheapest sources in the years to come. If miners can access cheap energy from nuclear sources, that will be a formula for long-term success.
Citadel 256 mining consultant and co-founder Magdalena Gronowska believes that ultimately a mix of renewables like wind and solar power with nuclear power will be the best case scenario.
“Nuclear power is a carbon-free, reliable and cheap source of energy,” she said. Bitcoin Magazine. “It’s not perfect in the sense that it emits nuclear waste, but every energy source has tradeoffs between environmental footprint, reliability, and capital and operating costs… low emission economy of carbon.
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