Bitcoin Miners Secure More Nuclear Deals Amid Climate Concerns

Source: Adobe / Daniel Prudek

Bitcoin (BTC) Miners keep finding ways to use the excess electricity that would otherwise be wasted – this time shaking hands with operators of struggling, carbon-free nuclear power plants.

This could be a perfect match as the nuclear plants need more customers in the face of increasing competition with cheaper power sources, while Bitcoin miners need exactly what they have to offer-stable and carbon – free energy, the Wall Street Journal reported, citing “executives and analysts.”

This could also be a particularly suitable solution for the miners, as they continue to face electricity consumption and the environmental impact of their operations.

According to the report, the Standard Power Mining Center in Ohio will receive electricity from the Nuclear Generator Energy Harbor Corp. From December. In addition, Talen Energy Corp. Went into a joint venture with the Bitcoin mining company TeraWulf. They began land development next to the nuclear power plant in Pennsylvania for a mining facility that is expected to be the size of four football fields.

New nuclear projects are also reportedly eyeing cryptocurrency miners. As reported, Oklo, a California-based clean energy equipment development company, announced in July a 20-year commercial partnership with Compass Mining, a U.S.-Based online marketplace for Bitcoin mining hardware and hosting, to introduce advanced nuclear fission, to supplement fossil fuels and “promote the diversity and sustainability of energy sources used by miners.”

This deal does not include a set price for electricity, but Whit Gibbs, chief executive of Compass, told the WSJ, that he is confident that the companies will agree on a price that will allow profitable cryptocurrency mining. Jacob DeWitte, co-founder and chief executive at Oklo, said he has received requests from other interested Bitcoin miners, but federal approval is still needed, he added, and it probably won’t happen until 2023-2025.

Still, Bill Dugan, a director of energy consulting firm Customized Energy Solutions, opined that although more “nuclear bitcoin tie-ups” are expected, it’s unlikely that they will be big enough or happen fast enough to save many nuclear power plants.

Meanwhile, Mayor Francis Suarez presents Miami as a destination for crypto miners, exchanges and investment firms, mentioning the nuclear power plant owned by Florida Power & Light. There were talks with the officials of this company that included the possibility of mining facilities being located near the nuclear power plant and finding cheap land to build warehouses for mining equipment, Suarez said.