Bitcoin miners look toward nuclear power for sustainable energy
As pressure rises to become green, many companies in the Bitcoin (BTC) mining business have their sights set on nuclear energy.
GRIID vice president Harry Sudok remarked at the ‘Bitcoin & Beyond Virtual Summit’ on Nov. 10 that nuclear energy might present a “tremendous opportunity” to deliver “enormous volumes of pure, carbon-free” energy to the baseload. GRIDD is an American startup that develops vertically integrated Bitcoin mining operations using low-cost, renewable energy.
According to REPORT, previous renewable energy subsidy programmes and discussions have mostly concentrated on solar and wind power, ignoring the potential benefits of nuclear energy.
“Right now, the growth rate is mostly focused on solar and wind, and this is simply the reality of the plans that have been implemented over the last 8-10 years.” But we’d want to see nuclear power expanded,” he remarked.
Along with Sudock, Blockstream chief strategy officer Samson Mow was a panellist to discuss the complexity of Bitcoin mining and energy use.
‘FUD’ has a domineering role in talks on Bitcoin mining, according to Mow, which might lead to misunderstandings not only about Bitcoin mining but also about energy production in general.
These misunderstandings are “generating headlines like Bitcoin is going to burn the oceans,” he warned.
“The wider picture is often overlooked because Bitcoin mining accounts for such a small percentage of global energy use — like a fraction of a per cent,” Mow explained. “If we’re filthy, everything must be filthy, right?”
Mow is also a supporter of using nuclear energy to mine Bitcoin. “The problem is, as a society, we’ve degraded to the point where we’ve rejected nuclear power in favour of alternatives like wind and solar, which are more expensive, more difficult to create, and don’t always work,” said Mow.
The Bitcoin Mining Council (BMC) conducted a survey of about 33% of the existing global Bitcoin network last month. According to BMC, the worldwide mining industry’s sustainable electricity mix increased by nearly 3% to 55.9% in the third quarter of this year.
At the summit, Amanda Fabiano observed, “Bitcoin miners will go to the lowest type of electricity they can find.” Fabiano is the head of mining for Galaxy Digital, a digital asset investment management organisation, and a founder member of BMC.
“I believe that capital with a long-term focus will thrive in Bitcoin mining.”