Bitcoin miners look toward nuclear power for sustainable energy

As the pressure mounts for green energy, major players in Bitcoin (BTC), mining have their sights on nuclear energy.

GRIID vice-president Harry Sudok said that nuclear energy presents a “tremendous chance” to bring “enormous quantities of clean, non-carbon-emissions energy to the base load. This was stated at the “Bitcoin & Beyond Virtual Summit” on Nov. 10. GRIDD is an American company that procures low-cost, renewable energy to build vertically-integrated Bitcoin mining facilities.

Sudock claims that past subsidies programs and discussions about renewable energy have largely focused only on solar and wind power, and not the potential benefits of using nuclear energy.

“The growth rate right now is largely focused on solar and wind, and that’s just because of the programs that were rolled out in the past 8-10 years. He said that the expansion of nuclear would be a great thing.

Samson Mow, chief strategy officer at Blockstream, was on the panel with Sudock to discuss Bitcoin mining and energy spending.

Mow referred to the dominant role that “FUD” tends to play in discussions about Bitcoin mining. This can lead to misinterpretations not only about Bitcoin mining but about energy production as a whole.

He said that these misunderstandings “lead to crazy headlines about Bitcoin boiling the oceans.”

Mow stated that the bigger picture is often overlooked because Bitcoin mining represents a small fraction of global energy consumption — like a fraction percent.” “If everything is dirty, then we are all dirty,” Mow said.

Mow also supports nuclear energy for Bitcoin mining. Mow stated that “the problem is that we’ve regressed” as a society and have turned to other sources of energy like wind and solar, which are more expensive and more difficult to produce and don’t always work.

Related: Climate Chain Coalition calls for a green economy to be created at COP26

The Bitcoin Mining Council (BMC), which surveyed 33% of the global Bitcoin network, conducted a survey last month. BMC estimates that the global mining industry’s sustainability electricity mix increased by 3% to 55.9% in the third quarter.

Amanda Fabiano stated at the summit that bitcoin miners would choose the cheapest electricity available. Fabiano, who is also the head of mining for digital asset investment management firm Galaxy Digital, is a founding member and founder of BMC.

“I believe that Bitcoin mining will be a great place for sustainably focused capital.”

https://cointelegraph.com/news/bitcoin-miners-look-toward-nuclear-power-for-sustainable-energy