Bitcoin

Crypto miners look to nuclear power – Nuclear Engineering International

The global bitcoin mining network consumed approximately 67 twh of electricity in 2020, according to the university of cambridge’s bitcoin electricity consumption index (beci). this was already exceeded in 2021, with an estimated consumption of 89.3 twh of electricity during the first ten months of this year. and as cryptocurrency grows in profitability, gains mainstream acceptance, and becomes more widely accepted, this demand is likely to continue.

Reading: Bitcoin mining provide for nuclear power

Historically, most bitcoin mining operations have been centered in China. But in May 2021, China’s state council banned cryptocurrency mining and trading, citing environmental and financial concerns.

the united states is now the main source of production of bitcoins. In August, US miners accounted for a 35.4% share of the average monthly hashrate, according to beci data.

At the same time, there has also been a growing interest in the environmental and social aspects of bitcoin mining.

In May, Elon Musk, CEO of Tesla, announced that the company had suspended vehicle purchases with bitcoin, saying in a tweet: “We are concerned about the rapid increase in the use of fossil fuels for mining and trading. bitcoin, especially coal, which has the worst emissions of any fuel.” “cryptocurrency is a good idea on many levels…but this can’t come at a great cost to the environment.”

As consumers and shareholders take issues like climate change and sustainability more seriously, companies are beginning to take steps to address these concerns.

See also: 5 Best Ways to Buy Bitcoin 2022 [Quickly & Safely ]

energy harbor entered into a five-year partnership with standard power to provide electricity from its nuclear fleet to standard power’s new bitcoin mining hub in coshocton, ohio beginning in december 2021. in addition to creating jobs in the region by repurposing an abandoned ohio. paper mill, the deal is helping standard power achieve its sustainability goals.

“Bitcoin blockchain mining centers consume a lot of energy and we recognize our responsibility to build a more environmentally sustainable future,” said maxim serezhin, CEO of standard power. “We selected Ohio for its low electricity costs with the availability of carbon-free energy sources.”

another US power company, talen energy, formed cumulus data in 2020 to “invest in opportunities created by the convergence of digital infrastructure and energy.”

talen energy is planning to develop the susquehanna hyperscale campus (shc), a nuclear power crypto mining facility and data center on greenfield land adjacent to its 2,494 mwe susquehanna nuclear power plant in pennsylvania.

The facility, which is due to come online in the second quarter of 2022, will have an initial capacity of 164 MW, increasing to 300 MW when complete. On-site power delivery will be supported by the two nuclear units and two independent substations. there is further potential to expand capacity to 1gw in the future if needed, says talen.

linxon has been contracted to supply a turnkey solution using hitachi energy products for 500/69kv gas insulated substation (gis), 230/69kv gis and hybrid substations, which require rapid design, engineering, permitting, civil works, procurement, construction and commissioning activities. gse dp engineering announced that it will prepare design modifications to address the connection of new transmission lines to the existing 230kv and 500kv lines that currently serve the facility’s main switchyards.

talen has entered into a joint venture with terawulf, a us based bitcoin mining company, to develop bitcoin mining capacity. The joint venture, Nautilus Cryptomine, will build on the strengths of both companies as they collectively work to advance the convergence of clean energy sources and digital infrastructure assets.

See also: Why Crypto Is A Losing Game with Economist Peter Schiff

The joint venture expects to invest between $350 million and $400 million in Phase I of the operation with an anticipated total hash rate to exceed 5 exhash per second. It says the facility, located “behind the meter” directly connected to Susquehanna, will provide Nautilus CryptoMine with one of the lowest electricity costs among publicly traded Bitcoin mining peers in the US. uu.

a vision of advanced reactor

oklo, based in usa. In July, the US announced a 20-year business partnership with Compass Mining, the world’s first online marketplace for bitcoin mining hardware and hosting. With the energy consumption of bitcoin mining increasing, the partnership between Oklo and Compass aims to introduce advanced fission to complement fossil fuels and promote diversity and sustainability in the energy sources used by miners.

oklo says its advanced fission powers will provide baseload power for compass bitcoin miners, beginning in the “early 2020s.” Oklo is committed to supplying at least 150 MW of power to Compass in the first phase of this partnership, but notes that the project is scalable and that it can add more capacity to accelerate sustainable mining efforts.

oklo’s aurora power plant, unveiled in december 2019, is a 1.5 mw fast neutron reactor that uses heat pipes to transport heat from the reactor core to a carbon dioxide energy conversion system supercritical carbon to generate electricity. It is currently the only reactor undergoing active licensing review by the US Nuclear Regulatory Commission (NRC), with the first unit expected to be built at the Idaho National Laboratory (INL).

aurora will run on high assay low enriched uranium (haleu) metallic fuel. Fuel material awarded by INL is expected to power Oklo’s first power plant, while near-term power plant deployment will be driven by US-based Centrus Energy Corp. in november, oklo signed a non-binding letter of intent to cooperate with centrus in the development of a haleu production facility. Centrus is building the first US-licensed Haleu production facility. uu. in Piketon, Ohio, with a goal to begin demonstrating production in 2022.

“We are proud to break new ground in commercializing our powerhouses by partnering with Compass on the decarbonization of Bitcoin,” says Oklo Co-Founder and CEO Jacob DeWitte. “Cryptocurrency mining offers promising avenues to accelerate the deployment of clean energy technologies, and oklo is positioned to respond to business demands by offering end-users the convenience of clean, reliable, cost-effective energy they can trust.” . /p>

And it’s not just the nuclear industry that miners are looking for. As cryptocurrency gains mainstream acceptance, it becomes increasingly important for the industry to align with the momentum building behind environmental, social, and governance commitments in large corporations.

bitfarms ltd, a global bitcoin self-mining company, recently announced that it will enter the field of hydropower by acquiring a 24 mw farm in washington state, usa. uu. At the same time, it signed a memorandum of understanding with the project vendor to jointly develop additional hydropower in the region, increasing total mining capacity to 99 MW in Washington.

See also: How to Invest in Cryptocurrency: Beginners Guide | Stash

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button