Various significant players believe that nuclear energy is the best option for Bitcoin miners.
Nuclear energy could provide a "tremendous opportunity" to introduce "enormous amounts of clean, carbon-free" energy to the base capacity, as per GRIID vice president Harry Sudok, who addressed at the 'Bitcoin & Beyond Virtual Summit on November 10. GRIDD is an American company that obtains low-cost, renewable energy to form vertically integrated Bitcoin mining operations.
According to Sudock, previous renewable energy subsidy programmes and discussions have mostly concentrated on solar and wind power, with little consideration given to the potential benefits of nuclear energy.
“The growth rate is largely focused around solar and wind right now, and that’s just the reality of the programs that have been rolled out over the last 8-10 years. But what we’d love to see is an expansion of nuclear,” he said.
Along with Sudock, Blockstream chief strategy officer Samson Mow addressed on a panel the difficulties of Bitcoin mining and energy consumption.
Mow emphasized the domineering position that 'FUD' tends to play in Bitcoin mining discussions, which he says can result in misconceptions not only about Bitcoin mining, however also about energy generation in general.
These misunderstandings are “leading to these kinds of crazy headlines that Bitcoin is going to boil the oceans,” he said.
“The bigger picture is often missed because Bitcoin mining is a small percentage of energy consumption worldwide — like a fraction of a per cent,” Mow said. “If we are dirty, then everything is very dirty, right?”
Mow is also a supporter of utilising nuclear energy for Bitcoin mining.
“The problem is, we’ve regressed as a society where we have kind of rejected nuclear power and have gone for other things like wind and solar which are more costly more difficult to generate and don’t always function,” said Mow.
The Bitcoin Mining Council (BMC) evaluated around 33% of the existing global Bitcoin network last month. According to BMC, the global mining industry's renewable power mix increased by nearly 3% to 55.9% in the third quarter of this year.
“Bitcoin miners will go to the cheapest form of electricity that they can find,” Amanda Fabiano said during the summit. Fabiano is the head of mining for Galaxy Digital, a digital asset management firm, and a founding member of BMC.