Miners look towards nuclear power

Miners look towards nuclear power

Major players in the bitcoin mining industry are targeting nuclear power as environmental pressure grows.

As GRIID Vice President Harry Sudok said at the Bitcoin & Beyond Virtual Summit on November 10, nuclear power could provide a "tremendous opportunity" to inject "massive amounts of clean, carbon-free energy" into the base load.

Past subsidy programs and speculations about renewable energy have mostly focused on solar and wind power, and did not take into account the potential benefits of nuclear power, Sudok said.

“Currently, the rate of growth is mainly centered around solar and wind energy, and this is just the reality of the programs that have been rolled out over the past 8-10 years. But we would like to see the expansion of nuclear power, ”he said.

Blockstream Chief Strategy Officer Samson Moe was on a panel with Sudok to discuss the complexities of Bitcoin mining and energy costs.

Moe referred to the dominant role that FUD plays in discussions about Bitcoin mining, which he said could lead to confusion not only in terms of mining, but also in terms of energy production in general.

These misunderstandings "are leading to crazy headlines that Bitcoin is about to boil the oceans," he said.

“The big picture is often overlooked because bitcoin mining accounts for a small percentage of the world's energy consumption - like a fraction of a percent,” Moe said. "If we are dirty, then everything is very dirty, right?"

Moe is also a proponent of using nuclear power to mine Bitcoin. “The problem is that we have regressed as a society in which we have given up nuclear energy and turned to other things, like wind and solar energy, which are harder to produce and that don't always work,” Moe said.

Last month, the Bitcoin Mining Council (BMC) surveyed about 33% of the current global Bitcoin network. According to BMC estimates, sustainable electricity production in the global mining industry grew by about 3% to 55,9% in the third quarter of this year.

“Bitcoin miners will use the cheapest form of electricity they can find,” Amanda Fabiano said at the summit. Fabiano is the Head of Mining at digital asset management company Galaxy Digital and one of the founders of BMC.

"I think sustainable capital will find a really great place in Bitcoin mining."