Almost Zero Carbon Emissions And Abandonment Problems Will nuclear energy be suitable for bitcoin mining?

Bitcoin and digital currency mining is a modern and efficient way to use excess energy.

Almost Zero Carbon Emissions And Abandonment Problems Will nuclear energy be suitable for bitcoin mining?

Nuclear power is theoretically the most suitable energy source for bitcoin mining.

The current energy consumption problem caused by bitcoin mining has caused global concern. Musk has even issued a series of articles attacking Bitcoin’s consumption of fossil energy, especially coal. Thermal power is stable but prone to pollution, and new energy sources such as hydropower, photovoltaic, and wind power are unstable and difficult to store, and downtime for the mining industry means lost profits. One view points out that non-polluting, low-cost and extremely stable nuclear power may be the most suitable form of energy for bitcoin mining.

In Eastern Europe, where there is a surplus of electricity, nuclear energy may already be mining bitcoin. a Facebook statement posted by the Ukrainian Ministry of Energy on May 6, 2020, noted that bitcoin and digital currency mining is a modern and efficient way to use excess energy. The post stated that due to the state blockade of New Crown Pneumonia, local nuclear power plants generate a large surplus of electricity resources. The acting head of Ukraine’s energy ministry asked state-owned Energoatom to study potential ways to use nuclear power generation facilities for bitcoin mining in the country by May 8.

However, just a year ago, Ukrainian security services arrested the operator of the power plant mining cryptocurrencies at the Yuzhnuklansk nuclear power plant facility. According to court documents, the employee was primarily mining using graphics cards, using AMD’s Radeon RX 470, with a total of 11 graphics cards.

The latest news shows that in 2021 Ukraine’s state-owned power company Eneroatom announced plans to build a number of giant data centers near the country’s nuclear power plants for mining bitcoin as well as storing sensitive state information. The company has a loss of $171 million in 2020. This also indicates that the large-scale use of nuclear energy for mining is still in the planning stage.

In addition, countries with excess electricity, such as Russia and Belarus, are also considering the use of nuclear energy for mining. in September 2017, the governor of the Leningrad region invited cryptocurrency miners to Sosnobeb near St. Petersburg to build industrial-scale mining sites at the old Leningrad nuclear power plant. in 2019 the president of Belarus said at a meeting with representatives of the IT industry to develop digital currency mining with a national effort. The mining industry will be allowed to set up factories in the country and use excess nuclear electricity to power new digital currency mines.

In fact, Eastern Europe has a large number of nuclear power plants left over from the Soviet era, coupled with a lack of domestic industrial economic development and a serious surplus of electricity, with state-run nuclear power plants suffering serious losses. Similar to the abandoned water and electricity in Sichuan, China, the only way to utilize waste electricity and bring revenue growth to the region is to develop bitcoin mining. It can be expected that nuclear energy bitcoin mining in underdeveloped areas of Eastern Europe will be carried out one after another.

What are the advantages of nuclear energy? Refer to the reply from Zhihu: 1. Clean energy, low environmental impact, minimal carbon emissions, most of the current environmental pollution problems are caused by the use of fossil fuels. The burning of fossil fuels emits large amounts of carbon dioxide, sulfur dioxide, nitrogen oxides and drifting dust, causing global temperatures to rise, acid rain to fall frequently and destroy the ozone layer, causing great threat and damage to humans and the environment. Nuclear power plants do not cause such environmental pollution, because it does not use fossil fuels. 2, the operating power of nuclear power is stable, unlike wind power hydropower is greatly affected by the external environment, now nuclear power is generally 18 months to change the material once, need to stop the reactor 2 to 3 weeks, the other time is basically in full power operation, suitable for mining. 3, and the external environment correlation is small, remote areas can also supply power, does not affect the industrial areas of electricity.

In addition, nuclear energy professionals pointed out to Wu said blockchain that the reason why nuclear power mining is suitable is also related to “abandoned power”. The cost of shutting down a nuclear power plant after opening is very high, and it generally needs to work continuously for 1~1.5 years after opening before shutting down for a maintenance. Therefore, when the power plant is in operation during the peak period, the nuclear power plant cannot be shut down like thermal power, and this part of the power is the power that can not be consumed and stored.

However, nuclear power also has: 1) the scarcity of uranium-235 burned in nuclear power plants; 2) the poor handling of nuclear waste; and 3) the great safety hazards that would arise in the event of an accident. In addition, in China, due to the very strict “Nuclear Safety Law”, and the related industrial chain are all state-owned enterprises, military industry, etc., coupled with the rapid economic development, the industry itself is still very short of electricity, the possibility of mining using nuclear energy is almost 0.

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