Bitcoin (BTC) miners continue to find ways to use excess power that would otherwise go to waste, shaking hands this time with operators of struggling, carbon-free nuclear plants.
Citing “executives and analysts,” this could be a perfect match because nuclear power plants need more customers amid rising competition from cheaper power sources, and Bitcoin miners need exactly what they have to offer – stable and carbon-free power.
Furthermore, this may be a particularly well-suited solution for the miners, who continue to face backlash over the power consumption and environmental impact of their operations.
According to the report, the Standard Power mining center in Ohio will begin receiving power from nuclear generator Energy Harbor Corp. in December. In addition, Talen Energy Corp. formed a joint venture with Bitcoin mining company TeraWulf Inc. They have begun land development near its nuclear plant in Pennsylvania for a mining facility the size of four football fields.
According to reports, new nuclear projects are also interested in cryptocurrency miners. As previously reported, Oklo, a California-based company that develops clean energy plants, announced a 20-year commercial partnership with Compass Mining, a US-based online marketplace for Bitcoin mining hardware and hosting, in July, to introduce advanced nuclear fission to supplement fossil fuels and “promote diversity and sustainability in the energy sources used by miners.”
This agreement does not include a set price for power, but Compass CEO Whit Gibbs told ULTCOIN365 that he is confident the companies will agree on a price that allows for profitable cryptocurrency mining. Oklo co-founder and CEO Jacob DeWitte said he had received inquiries from other interested Bitcoin miners, but federal approval is still required, and this is unlikely to happen until 2023-2025.
Nonetheless, Bill Dugan, a director at energy advisory firm Customized Energy Solutions, believes that, while more “nuclear-bitcoin tie-ups” are expected, they are unlikely to be large enough or happen quickly enough to save many nuclear plants.
Meanwhile, Mayor Francis Suarez is promoting Miami as a destination for cryptocurrency miners, exchanges, and investment firms, citing Florida Power & Light’s nuclear power plant. According to Suarez, there have been discussions with officials from this company about the possibility of mining facilities being located near the nuclear plant and finding cheap land to build warehouses for mining equipment.