Energy Harbor will supply electricity from its nuclear power plants to Standard Power’s future bitcoin mining (BTC) facility. The release speaks volumes about the environmental pressure the mining industry is under today.
Decarbonized Bitcoin in Ohio
Power producer Energy Harbor announced in a July 12 release its partnership with bitcoin mining infrastructure provider Standard Power. Energy Harbor uses both nuclear and fossil fuels.
Standard Power will turn an abandoned paper mill in Coshocton, Ohio, into a mining farm that will be powered by energy from its partner’s nuclear plants. The mining project will begin in December 2021.
The U.S. Department of Energy had reported that a nuclear power plant produces an average of 1 gigawatt of electricity, while the largest plant in the U.S. in Arizona, Palo Verde, produces 3.99 gigawatts.
Bitcoin power plants to please Elon Musk
Standard Power CEO Maxim Serezhin emphasized the green nature of the mining facility:
“By partnering with Energy Harbor, we have proactively structured our hosting capabilities to ensure that 100 percent of the energy associated with this facility is carbon-free.”
Energy Harbor CEO John Judge also emphasized the efforts undertaken for clean, environmentally friendly bitcoin mining:
“We are pleased to partner with customers who are working to minimize their impact on the environment, while fostering a new clean energy future in our local Ohio economy.”
Leaders of major mining companies now seem to feel a sense of accountability to the public for using decarbonized or renewable energy. Elon Musk has been shaking up the industry since he did an about-face when he decided to reject Bitcoin as a means of payment for the purchase of Tesla vehicles. The billionaire cited environmental concerns at the time.
While nuclear-powered mining could pave the way for non-polluting Bitcoin mining, the costs of erecting such a plant is a deterrent to entry for such a project. According to a June 8 Wall Street Journal article, the construction costs for Vogtle’s nuclear power units in Waynesboro, Georgia, came to more than $25 billion.
This South Korean institute even goes so far as to use excrement to mine clean Bitcoin. Elon Musk’s criticism may ultimately serve Bitcoin’s interests, as it is demonstrating under pressure that its mining is much greener, contrary to the ideas of its critics.