Major players in the Bitcoin (BTC) mining industry have shifted their attention to nuclear energy as pressure grows towards sustainability.
As GRIID Vice President Harry Sudock said at the Bitcoin & Beyond Virtual Summit on November 10, nuclear power could provide a “tremendous opportunity” to bring “enormous amounts of clean, zero-carbon energy” into the primary load. American GRIDD. A company that buys inexpensive renewable energy to build a vertically integrated Bitcoin mining facility.
Sudock said previous support programs and discussions on renewable energy focused mostly on solar and wind energy and could not assess the potential benefits of nuclear power.
Growth rates are now largely focused on sun and wind, and that’s just the reality of the programs that have been rolled out over the past eight to ten years. But what we would like to see is the expansion of nuclear power.
Blockstream Strategy Director Samson Moe participated in a panel discussion with Sudok to discuss the intricacies of bitcoin mining and energy consumption.
Mo cited the dominant role that research and development tends to play in discussions around bitcoin mining, which he said could lead to misunderstandings not only about bitcoin mining, but about energy production in general.
These misconceptions, he said, “lead to the crazy headline that Bitcoin will boil oceans.”
“The really big picture is often overlooked because bitcoin mining accounts for a small percentage of the world’s energy consumption — a fraction of a percentage,” Mo said. “If we are dirty, everything is very dirty, right?”
Moe is also a proponent of using nuclear power to mine bitcoin. “The problem is we’re back in a society where we’ve kind of given up on nuclear power and moved on to other things like wind and solar, which are more expensive and harder to produce and that don’t always work,” he said. Mu.
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Last month, the Bitcoin Mining Council (BMC) surveyed 33% of the current global Bitcoin network. According to BMC estimates, in the third quarter of this year, sustainable electricity production in the global mining industry grew by about 3% to 55.9%.
“Bitcoin miners want to use the cheapest form of electricity they can get,” Amanda Fabiano said at the summit. Vapiano is the head of the mining company at digital investment management firm Galaxy Digital and a co-founder of BMC.
“I think that sustainable capital will find a great place in bitcoin mining.”