Crypto goes nuclear

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Cryptocurrency is more and more integrated into our daily life. Soon you will be able to pay to watch a movie with cryptocurrency, as big companies like AMC are preparing to accept it as a form of payment. Meanwhile, the largest crypto exchange in the United States is now a publicly traded company, pro-athletes are paid in bitcoin, and crypto investing has become a regular conversation at the table.

As crypto gains popularity, gains acceptance, and becomes more widely accepted for day-to-day transactions, however, it becomes increasingly important for the industry to align with the momentum behind environmental commitments, social and governance (ESG) on Wall Street and large corporations.

Consumers and shareholders are taking issues like climate change and sustainability more and more seriously, and companies are taking concrete steps to address these concerns. For example, Microsoft has pledged to become a carbon negative business by 2030, and Home Depot announced its goal of achieving 100% renewable electricity for its facilities by the same year.

To tackle carbon emissions from energy use and align with sustainability movements, crypto is turning to a 100% carbon-free energy source: nuclear power. Nuclear provides the environmentally friendly energy needed to mine cryptocurrency, and unlike other low-carbon, zero-carbon energy sources, it is reliable and capable of continuously fueling operations. and 24/7 mining transactions. This means nuclear can help miners grow their operations faster than renewable sources like wind and solar.

Oklo, a company that builds advanced reactors powered by waste from traditional reactors, has announced a 20-year deal with Compass Mining to provide 100% carbon-free electricity for mining. Whit Gibbs, co-founder and CEO of Compass, said: “Every bitcoin miner understands the need for cheap, reliable power.” He also said the partnership with Oklo “will redefine the energy landscape for cryptocurrency mining.”

Energy Harbor has announced an agreement with Standard Power to provide carbon-free nuclear power to its bitcoin blockchain mining center in Coshocton, Ohio, starting in December of this year. Maxim Serezhin, CEO of Standard Power, noted that “by partnering with Energy Harbor, we have proactively structured our hosting capabilities to ensure that 100% of the energy associated with this facility is carbon-free”.

Additionally, earlier this year Talen Energy announced plans to develop a nuclear-powered crypto-mining and data facility adjacent to the Susquehanna nuclear power plant. Now Talen has announced a bitcoin mining joint venture with TeraWulf Inc. to develop up to 300 megawatts of zero carbon bitcoin mining capacity on campus. Alex Hernandez, chairman of Talen, said their “mining facilities will create zero carbon parts with the proper regulatory overlay, mined in the United States in a secure location. As the global adoption of digital assets and demand for clean energy accelerate, we believe these carbon-free parts with verifiable attributes and a US provenance will be very differentiated for those looking to invest in digital coin production. .

As commitments to tackle climate change and our carbon footprint continue to grow, cryptocurrency can be mined and mined with carbon-free electricity through nuclear power. Elon Musk, a critic of the use of fossil fuels in cryptocurrency mining, agrees. During his speech at the B-Word conference, Musk said he was “pro-nuclear” and suggested using nuclear to make cryptocurrencies more sustainable.

The momentum is already building to produce zero carbon parts with nuclear, and we have just seen the start.

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