The bitcoin mining industry is looking to nuclear energy to ensure sustainable power to go green. Major BTC mining players are facing increased pressure to look for other energy sources for the mining process. Mr. Harry Sudok, the vice President at GRIID, says nuclear power could bring about an excellent opportunity to set up a vast amount of clean and carbon-free energy to the baseload. He expressed these thoughts at the occasion of the Bitcoin & Beyond Virtual Summit on November 10.
GRIID is a U.S company that aims to produce economical and renewable energy to fabricate vertically integrated BTC mining services for new and experienced crypto miners. Sudock revealed that previous subsidy programs and discussions about sustainable power relied on solar and wind energy and did not consider what benefits nuclear energy could deliver to miners.
According to the wise president of the GRIID, the present growth rate enormously focuses on renewable energy like wind and solar. He believed it shows the reality of those programs known for being rolled out for more than eight years now. Sudock would love to see the expanded use of nuclear power.
Besides Sudock, the panel for a discussion on BTC mining and relevant energy expense also had Samson Mow, the chief strategy from Blockstream. He discussed the facts catering to what complexities bitcoin mining has been experiencing since the beginning and how expensive energy expenditures contribute to them.
Mow quoted the domineering role saying that FUDs are inclined to own ‘I’ arguments revolving around BTC mining, which can cause misunderstanding about crypto mining and leave a more general negative impression about energy production. According to Blockstream’s chief strategy, these misapprehensions could lead to crazy news headlines roaring that BTC would boil the oceans. He said people usually miss the bigger picture as BTC mining consumes a small percentage of energy worldwide. It means it could look more like a tiny proportion of a percent.
Mow asked, would everything be dirty if we all are dirty. The Chief strategy also considers himself as a part of nuclear power for BTC mining. He felt that the problem lies in the fact that all people have regressed as a society where they have almost refused to accept the potential benefits of nuclear energy and have instead chosen other sources like solar and wind. The said energy sources are more expensive and more complex to produce energy and are not functional at always.
A survey organized by the Bitcoin Mining Council or BMC covered about 33 percent of the present bitcoin network worldwide. This survey helped BMC estimate the number of sustainable electricity mixes that the global mining industry grew in the third quarter of 2021 is from about three percent to 55.9 percent.
Amanda Fabiano, the head of the digital asset investment management department of Galaxy Digital, penalized the summit. She believes that BTC miners will not wait to go with the cheapest energy form as they come across it during their mining career. Fabiano, who is also known as one of the founding members of BMC, looks forward to finding a great home in BTC mining with sustainably focused capital.
Earlier, the United Nations Climate Change Conference was held in Glasgow, Scotland. The Climate Chain Coalition (CCC) representatives and other experts took part in the event to highlight the importance of topics, such as corporate practice accountability and carbon non-fungible tokens. The CCC is a worldwide environmental initiative with 250 member organizations and individuals. It aims at employing blockchain and distributed ledger (DLT) with other excellent digital technological solutions to promote the growth of an economy that is more inclined to go green.
Denby McDonnell, the programme manager of the blockchain, expressed her views about the effort ‘Climate Foundation’ has been making to put the Paris Climate Agreement on the blockchain. The company aims to ensure article 6.2 placement on the system. McDonnell also discussed the recent debut of BITMO, the latest crypto-carbon platform.