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- 1 Bitcoin mining uses an energy-intensive Proof-of-Work algorithm.
- 2 Nuclear energy has been around since the 60s.
Nuclear power is important to the world, especially when times are changing alongside climate. From transport to technology, everything is leaving behind carbon footprints to deteriorate the ozone layer. Bitcoin (BTC) mining is among activities allegedly using immense power to operate. Nevertheless, a new report still sees some potential for it if paired with nuclear energy.
Becoming Permanent Consumers
Canadian Nuclear Laboratories (CNL) technologist Ryan McLeod explored the possibility of infusing Bitcoin mining with nuclear power according to the report dubbed “Commission to Investigate the Implementation of Next-Generation Nuclear Reactor Technology in New Hampshire.” BTC miners can act as built-in consumers for newer reactor projects, enhancing reliable demand and investor confidence in these projects.
According to the document, “Much of McLeod’s presentation focused on the potential of Bitcoin mining to support nuclear power by providing a flexible load for demand response applications. This approach, he argued, would maximize the economic utility of power assets, and assist in debt servicing for new reactors. He covered the importance of demand response in managing grid stability and efficiency, particularly with integrating intermittent renewable sources.”
Bitcoin mining uses Proof-of-Work (PoW) algorithm where a miner is required to solve mathematical puzzles to mine blocks digitally. The process is energy intensive due to the requirement for several advanced computers running day and night. The power could be harnessed from carbon rich sources like coal, natural gas, oil, and more, adding to greenhouse gas (GHG) emission.
“The demand for computation, particularly for large and growing computing projects like AI modeling and Bitcoin mining, is rising,” notes the report’s authors. “This increase in computational demand is concurrently driving the need for carbon-free, always-on energy sources, with developers considering advanced nuclear reactors to provide this essential energy to data centers.”
Integrating Bitcoin mining with nuclear power plants could seal a certain customer base. Whether or not there are other business consumers, it would always require energy, until at least all the coins are mined. Calculations show the last BTC will be mined in the year 2140.
It concludes by highlighting that “Bitcoin cryptocurrency mining operations are gaining more mainstream institutional credibility. Integrating mining to provide grid balancing and a guaranteed customer base can accelerate the global adoption of clean nuclear energy to benefit humanity by displacing fossil fuel generation.”
Nuclear energy has been around since the 60s. However, it wasn’t until after 2000 that it started to become mainstream among industries. By 2022, the United States became the largest country in terms of nuclear power generation. According to the scientific publication, Our World in Data, the nation generated 771 TWh of energy.
According to a report dubbed Net Zero by 2050, nuclear energy remains a crucial player. Its utility is likely to rise by twofold between 2020 and 2050. It says, “Failing to take timely decisions on nuclear power … would raise the costs of a net-zero emissions pathway and add to the risk of not meeting the goal.”
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
