Pilloried since the Fukushima disaster, nuclear power seems to be back in the spotlight in recent months. Bitcoin (BTC) miners seem to have understood this. While they were given a binary choice between coal and renewable energy, they were forgetting about the in-between energy that is nuclear power. Now, mining pools are seriously considering turning to nuclear power to decarbonize the industry.
Bitcoin (BTC) miners want to turn to nuclear power
Debates about Bitcoin and the environment have seemed endless since 2017. The discussions seem impossible because the debate is partisan. Some people on both sides are unwilling to put water in their wine and it has become difficult to sort out the real from the fake.
One thing we can be sure of, however, is that mining pools are being asked, not to say summoned, to go green. While it is not the trigger, China’s anti-crypto policy is nevertheless an important factor in this growing demand for clean energy.
Although Chinese miners also used hydroelectric power plants, which are no longer in use today, it must be recognized that the energy used was mainly coal. Miners were therefore encouraged to turn to renewable energy sources such as hydro, wind, solar and geothermal.
However, one source of energy has long been overlooked. It has always been at the center of debates, especially in France, where it represents more than 70% of electricity production. We are of course talking about nuclear energy. And miners are reportedly starting to turn to the atom.
Nuclear power seen as clean energy by Bitcoin (BTC) miners
At the recent Bitcoin & Beyond virtual summit, nuclear power was presented as an excellent opportunity to green BTC mining. Harry Sudok, vice president of GRIID, a U.S.-based company that helps mining pools use renewable energy at lower costs, went even further.
According to Sudok, the majority of programs and projects to move away from fossil fuels have only proposed solar and wind power as alternatives. The potential benefits of nuclear power have therefore been overlooked, even though it would have multiple advantages over coal-fired power plants.
While it is difficult to know the reality of the future programs of all the mining pools, it is true that nuclear power is not used at all or very little. Projects in this direction are rare. That’s why one American company recently reported on its use of nuclear power to mine Bitcoin.
Would nuclear power be more efficient for mining Bitcoin (BTC)?
Samson Mow, chief strategy officer of Blockstream, a company that provides blockchain-related services, doesn’t hold back. He believes the company has regressed by rejecting any nuclear-related initiatives and favoring wind and solar.
According to Mow, the latter two energy sources are more expensive and less efficient than nuclear, and not only for mining.
The challenge now is to convince miners that nuclear power can be an asset. We know that miners tend to go for the cheapest energy. This is one of the reasons why Chinese coal has long been used.
When it comes to decarbonized energy, hydroelectric power plants seem by far the most efficient since the surplus energy produced can be put to good use by the miners. This requires, however, that they be located close to a dam or similar.
For nuclear power, it is not necessary to be so close to a power plant. However, whatever is done, the future of nuclear power is more in the hands of politicians than Bitcoin miners.
