The minefield of Bitcoin and other criptomonedas, unfortunately, has become an activity that uses a lot of energy. Because the benefits of this activity, miners tried to maximize their ASIC to pay as little as possible for the electricity they consume. There are mining farms near renewable sources, such as in Iceland, while there are also in China where electricity is very cheap to burn coal. Now, fortunately, they have found a greener alternative.
The miners need a stable, inexpensive and, if possible electricity source, without polluting emissions, because high consumption is at ecological tourist attractions. At present, Bitcoin consumes half electricity that all population of Spain put together.
Every Bitcoin transaction consumes 1.810 kWh, equal to 1.23 million visa card transactions. This is also equivalent to half of the electricity consumed by households in Spain per year.
Nuclear plants are allying with Bitcoin mining
For this reason, Talen Energy Corp has signed an agreement with Bitcoin Mining Company Terawulf Inc. To create mining farm the size of four football fields next to the company’s nuclear power plant in Pennsylvania.
Other nuclear power companies, Energy Harbor Corp will supply electricity to standard power, another mining company is opening mining farms in Ohio this December. Another company, called Oklo Inc., is trying to create a small mining farm based on fission energy that uses spent nuclear fuel. The company has signed a 20-year agreement with a mining company, Compass Mining.
Thanks to this, nuclear power plants have customers to supply energy constantly and stably, guarantee minimum income. In turn, miners have the most non-polluting energy source on earth, because they only emit water vapor.
However, nuclear energy remains controversial in several countries because of an accident such as Fukushima in 2011, despite the harmful effects of the community of energy sources that polluted much greater. For example, there are more deaths related to thermal power plants that burn coal.
Mining difficulties have increased over the years. A few years after Bitcoin was launched, it was no longer profitable to mine it with a computer. Prices and difficulties mean that there is increasing competition and complexity, so now it is only profitable to mine it with ASICs, which is a special circuit in calculations done to maintain the Bitcoin network and guarantee transactions.
Now with the announcement that Investment funds will be accepting bitcoin. Bitcoin Mining will increase.
Bitcoin mining becoming popular in the United States
Having cheap electricity is the key to getting good performance in this mining operation and guarantee faster profitability. In the United States they even have a production problem, where many of nuclear energy opportunities have not been able to compete in auction with other sources. It has caused the closure of three plants in Illinois, and has been needed to approve a bailout to keep plants running.
Bitcoin will not save all, but if they build more mining itself is possible to guarantee the profitability of many of them. In turn, miners can say they are mining with clean energy. In addition, many of these mining farms goes to the United States, indirectly, the control of the cryptocurrency can now go to them than being in China as it happens until now, mainly because of the Chinese ban announced last week.