Mining bitcoin, one of the world’s most popular cryptocurrencies, can be a grueling process that requires powerful computers and lots of energy. Now some miners are turning to nuclear power in an effort to reduce their ecological impact while continuing with profitable mining operations.
The “nuclear bitcoin mining” is a new trend that has been seen in the Bitcoin community. The idea of using nuclear power to mine Bitcoin is becoming more popular, and it will be interesting to see how this changes the future of Bitcoin.
As pressure rises to become green, many companies in the Bitcoin (BTC) mining business have their eyes set on nuclear energy.
GRIID vice president Harry Sudok remarked at the ‘Bitcoin & Beyond Virtual Summit’ on Nov. 10 that nuclear energy might provide a “tremendous opportunity” to deliver “enormous volumes of pure, carbon-free” energy to the base load. GRIDD is an American startup that develops vertically integrated Bitcoin mining operations using low-cost, renewable energy.
According to Sudock, previous renewable energy subsidy schemes and rhetoric have mostly concentrated on solar and wind power, ignoring the potential advantages of nuclear energy.
“Right now, the growth rate is mostly focused on solar and wind, and this is just the reality of the plans that have been implemented over the previous 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 panelist to address the complexity of Bitcoin mining and energy use.
‘FUD’ has a dominant role in talks on Bitcoin mining, according to Mow, which might lead to misunderstandings not just about Bitcoin mining, but also about energy production in general.
These misconceptions are “generating to headlines like Bitcoin is going to burn the seas,” he warned.
“The wider picture is frequently overlooked because Bitcoin mining accounts for such a tiny amount of global energy use — like a fraction of a percent,” Mow said. “If we’re filthy, everything must be filthy, right?”
Mow is also a supporter of using nuclear energy to mine Bitcoin. “The issue is, as a society, we’ve degraded to the point where we’ve rejected nuclear power in favor of alternatives like wind and solar, which are more expensive, more difficult to create, and don’t always work,” said Mow.
At COP26, the Climate Chain Coalition is advocating for the construction of a green economy.
The Bitcoin Mining Council (BMC) conducted a study of about 33% of the existing global Bitcoin network last month. According to BMC, the worldwide mining industry’s sustainable power mix increased by nearly 3% to 55.9% in the third quarter of this year.
At the summit, Amanda Fabiano observed, “Bitcoin miners will migrate to the lowest type of power they can find.” Fabiano is the head of mining for Galaxy Digital, a digital asset investment management organization, and a founder member of BMC.
“I believe that money with a long-term focus will thrive in Bitcoin mining.”
Bitcoin miners are looking towards nuclear power for sustainable energy. This is because the cryptocurrency is designed to be a finite resource, and it’s not possible to create more Bitcoin without using some form of renewable energy. Reference: bitcoin miners go nuclear.
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