Bitcoin Miners Turn To Nuclear Resources

Bitcoin Miners Turn To Nuclear Resources

Bitcoin Miners Turn To Nuclear Resources

While cryptocurrency miners, who are at the center of discussions with their environmental impacts, are looking for ways to reduce carbon emissions, nuclear energy comes to the fore alongside renewable resources for miners who want to diversify their energy sources.

As the demand for cryptocurrencies is increasing day by day, millions of miners around the world are competing with each other for Bitcoin production.

While mining activities require high-capacity computers and energy power, the energy needs of miners are increasing in parallel with the demand.

Bitcoin Miners Outperform Countries Like Finland and Belgium in Electricity Consumption

According to the Cambridge Bitcoin Electricity Consumption Index data, 87.2 terawatt hours of electricity are consumed annually for Bitcoin mining. The annual amount of electricity used to produce Bitcoin outperforms their consumption.

Digiconomist's data shows that Bitcoin's annual carbon footprint is 71.04 metric tons. This is estimated to be equivalent to the carbon footprint of Greece.

While the carbon footprint of the production of a single Bitcoin is calculated as 227 tons, it is stated that the carbon footprint of gold mining of one Bitcoin value is 18 tons.

Crypto money miners, who are at the center of criticism with the amount of energy they consume and their environmental impact, are looking for ways to diversify their energy sources and reduce carbon emissions.

Mining Companies Collaborate with Energy Firms

As miners in search of clean energy turn to nuclear energy in addition to renewable resources, the number of cooperation agreements between mining companies and energy companies is increasing.

Lastly, it is known that California-based micro-nuclear reactor company Oklo and Compass Mining, which provides services in the field of cryptocurrency mining, signed a 20-year cooperation in July. Under the agreement, Oklo plans to provide at least 150 megawatts of clean energy for its mining operations in the first phase.

On the other hand, Ohio-based energy company Energy Harbor aims to provide nuclear power for Standard Power's mining center in Ohio by December 2021 as part of a 5-year partnership. Texas-based Talen Energy also plans to build a cryptocurrency mining facility and data center near its nuclear power plant in Pennsylvania, which is expected to be operational in the second half of 2022.