Bitcoin Miners Are Looking To Nuclear Power For Renewable Energy

Major players in the Bitcoin mining industry have their sights set on nuclear power as pressure mounts to become sustainable.

Towards green energy

“Nuclear power could present a huge opportunity to introduce large amounts of clean, carbon-free energy”GRIID Vice President Harry Sudok said at the Bitcoin & Beyond Virtual Summit on Nov. 10. GRIDD is an American company that procures cheap, renewable energy to build vertically integrated Bitcoin mining facilities.

According to Sudock, previous subsidy programs and discourse on renewable energy have largely focused on solar and wind energy. The potential benefits of nuclear power were ignored. He said the following:

“The growth rate is currently largely focused on solar and wind, which is the reality of the programs that have been rolled out over the past 8-10 years. What we would like to see is an expansion of nuclear energy.”

Samson Mow, Blockstream’s Chief Strategy Officer, was a panelist alongside Sudock to discuss the complexity of Bitcoin mining and energy consumption.

Mow was referring to the dominant role that “FUD” usually has in discussions of Bitcoin mining. According to him, that can lead to misunderstandings not only about Bitcoin mining, but also about energy production in general:

“These misunderstandings lead to this kind of crazy headlines that Bitcoin is going to boil up the oceans. The bigger picture is often overlooked as Bitcoin mining accounts for a small percentage of energy consumption worldwide. It’s about a fraction of a percent.”

Is nuclear energy the solution?

Mow is also a proponent of nuclear energy. “The problem is, we’ve gone backwards as a society where we’ve rejected nuclear power. We’ve gone for other things, like wind and solar energy. This is more expensive, harder to generate and not always functional”Mow said.

Last month, the Bitcoin Mining Council (BMC) surveyed about 33% of the current global Bitcoin network. BMC estimates that the global mining industry’s renewable electricity mix grew approximately 3% to 55.9% in Q3 this year.

“Bitcoinminers will choose the cheapest form of electricity they can find”, said Amanda Fabiano at the summit. Fabiano is the head of mining at Galaxy Digital, a digital asset management company and one of the founders of BMC.

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