Bitcoin Miners Seek Out Nuclear Power as ESG Pressure Mounts

2021-9-28 16:01

Amidst concerns of environmental sustainability, Bitcoin miners are symbiotically partnering with nuclear power plants.

One such partnership is a joint venture between Talen Energy Corp. and bitcoin-mining company TeraWulf Inc. The miner started development on a facility the size of four football fields next to a Pennsylvania nuclear plant operated by Talen. 

“We are building demand adjacent to the existing nuclear plant,” said Talen Energy President Alex Hernandez. He heads the subsidiary jointly developing the mining project at the Susquehanna Steam Electric Station. Additionally, nuclear generator Energy Harbor Corp. said it would start providing power to an Ohio Standard Power mining center in December.

Even new nuclear projects have been instigated, with Startup Oklo Inc. signing a 20-year supply deal with Compass Mining. Oklo plans to build a small-scale fission power plant that will run on used nuclear fuel. Oklo co-founder and CEO Jacob DeWitte said he has also received inquiries from other bitcoin miners interested in the company’s project.

Miami Mayor Francis Suarez has also been touting the city as a hotspot for crypto mining, due to its cheap nuclear energy from a nearby power plant. The Turkey Point Nuclear Plant, which helps power the city, is located less than an hour away from Miami City Hall. According to the Bureau of Labor Statistics, an average kilowatt per hour of electricity costs $0.10 in Miami, versus the national average of $0.13. Meanwhile, Suarez is in talks with Florida Power & Light Company to drive the price down further.

Mutual benefit

The partnerships are proving mutually beneficial, as each is able to complement the other’s needs. Nuclear power plants provide stable, sustainable power for energy-intensive miners, while they in turn are helping to sustain these plants.

Because mining bitcoin is an energy-intensive process, the spread of mining operations has fueled criticism of it exacerbating climate change. Earlier this year, Tesla CEO Elon Musk suspended payments in Bitcoin over the environmental impact of mining operations.

Meanwhile, nuclear plants provide a steady source of emissions-free power, but many struggle to sell their output in wholesale power markets. Between wind, solar power and natural-gas generation, which has bottomed-out since the fracking boom, competition has become stiff.

“Both industry’s challenges are the other industry’s positives,” said Sean Lawrie, partner at consulting firm ScottMadden Inc.

What do you think about this subject? Write to us and tell us!

The post Bitcoin Miners Seek Out Nuclear Power as ESG Pressure Mounts appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Power Ledger (POWR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.3053
Капитализация $0 Rank 99999
Цена в час новости $ 0.2961 (-100%)

power nuclear bitcoin miners esg mounts pressure

power nuclear → Результатов: 41


Kazakhstan turns to nuclear power, as it is 'already feeling first signs of electricity shortage'

Kazakhstan's President Kassym-Jomart Tokayev is reportedly contemplating turning to nuclear energy, amid power shortage in the country. Nuclear power to the rescue In a recent event, the head of staThe post Kazakhstan turns to nuclear power, as it is 'already feeling first signs of electricity shortage' appeared first on AMBCrypto.

2021-11-23 20:30


Bitcoin Goes Nuclear? Engineering Firm Nuclearis to Use RSK-based Solution in Supply Chain Tracking

RSK, the smart contract platform developed on Bitcoin and secured by its mining, is now being used to track documentation relating to a nuclear power plant. Nuclearis, a nuclear engineering and manufacturing firm, has confirmed it has successfully deployed a solution to upload and authenticate documents with the first of its suppliers.

2020-9-2 10:45


Pakistan Aggressively Warns India: Do Not Test Our Nuclear Military Power

By CCN. com: Pakistan’s military spokesman has warned India that any threat will be met with the full force of its nuclear arsenal.   In a press conference on Monday, Major General Asif Ghafoor hit back against Indian prime minister Narendra Modi who recently threatened Pakistan with the “mother of all nuclear bombs”: “In your rhetoric, you keep using nuclear power as a threat… Nuclear powers are not a threat, they are a weapon of deterrence that should not be mentioned lightly…Do not test our resolve.

2019-4-30 13:30


Фото:

How Bitcoin Mining Can Help Nuclear Reactors

Generating electricity closer to full capacity and at a constant rate is the most economical, technically simple and safe mode of operation at nuclear power plants, according to NEA. Bitcoin mining can help by utilizing the excess energy reactors can generate outside peak seasons and hours of consumption, reducing the stress from powering up and […] The post How Bitcoin Mining Can Help Nuclear Reactors appeared first on Bitcoin News.

2018-10-17 03:20


Фото:

Entrepreneur Acquires Two UK Power Plants To Create Power For Mining

According to The Statesman, an Indian ex-pat by the name Varun Datta has acquired two UK based power plants to bolster the operations of blockchain energy firm, 4NEW. The plans in question, are not traditional coal power plants, nor are they of the nuclear persuasion, instead, Datta has managed to secure two ‘waste to energy’ power plans, which use Anerobic Digestion Technology to convert household waste into electricity.

2018-6-16 15:00