We must look into the potential benefits of nuclear energy in Bitcoin mining, the experts stated
American low-cost renewable energy production company GRIID vice president Harry Sudock stated that nuclear energy presented a tremendous opportunity to act as a solution for Bitcoin’s mining concerns. A number of prominent crypto stakeholders are looking to nuclear energy as an answer to Bitcoin’s energy consumption question.
In the ‘Bitcoin and Beyond Virtual Summit’ held yesterday, Sudock addressed the mounting pressure on Bitcoin to go green by stating that nuclear energy could introduce “enormous amounts of clean, carbon-free” to the baseload.
The executive pointed out that discourse around the use of renewable energy for Bitcoin mining has been limited to solar and wind power. With the lack of viable solutions in sight, it is time to look at the potential benefits of nuclear energy, Sudock said:
“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.”
Alongside Sudock at the summit was Blockstream’s chief strategy officer Samson Mow who further explained the complexity of effectively addressing concerns surrounding Bitcoin’s energy expenditure.
Mow stated that fear, uncertainty and doubt often lead to misunderstandings about Bitcoin mining in particular and energy production in general. These factors are behind “crazy headlines that claim Bitcoin is going to boil the oceans,” he added.
The expert pointed out that Bitcoin mining is a small percentage of global energy consumption. He said that ending the stigma around nuclear energy will boost its presence in discussions regarding renewable energy:
“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.”
The comments regarding the potential of nuclear energy in helping Bitcoin become sustainable come amid increasing global regulatory scrutiny on mining operations.