Anyone who’s been tracking the cryptocurrency space knows that proof of work (POW) mining for cryptos such as , , or Dogecoin requires a lot of cheap electricity. That’s because the POW mining process requires a lot of power to run the computer servers and the cooling systems to keep those servers from overheating.

Bitcoin miners in particular are relying on more powerful and faster computing rigs to give them a competitive advantage to be the first to solve increasingly complex, encryption puzzles – thereby earning Bitcoin. Since 2009, when Bitcoin was created, it has been this way.

Bitcoin miners seek out cheap electricity to increase their profits and maximize the productivity of the large number of servers they use and the mining equipments that they own. Through the middle May 2021, Tesla (NASDAQ:), SpaceX CEO Elon Musk sent this tweet.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

This tweet slammed in reverse Tesla’s announced plans in April that it would accept Bitcoin as a method of payment for e-cars. Musk’s tweet also triggered a global discussion regarding the power needs of Bitcoin and Ether mining and the impact of those practices on the environment.

Over the past several months the frothy fervor and rapier rhetoric against Bitcoin’s supposedly negative impact on the environment has been stunning in its hyperbolic hysterics.

In this time, Bitcoin miners were driven out of China by the Digiconomist Bitcoin Energy Consumption Index. The total Bitcoin carbon footprint exceeded the total reductions in global greenhouse gas emissions from electric vehicles. So in other words – Bitcoin mining allegedly erased the environmental benefits of all e-vehicles globally.

Additionally, Bitcoin’s energy consumption would be higher than that of Sweden, Ukraine, or Argentina if it were its country.

Whether it’s all true or not, Bitcoin has a perception problem with its track record regarding environmental sustainability. That’s why some Bitcoin miners are deciding to go nuclear.

The Wall Street Journal reported that the Wall Street Journal reports that the Wall Street Journal revealed that the Wall Street Journal is reporting on the collaboration of some of the most powerful Bitcoin mining companies with older nuclear reactor firms in an attempt to improve the financial fortunes of both businesses. According to the Wall Street Journal, miners get cheap, readily available electricity with zero carbon footprint. While reactor owners are benefiting from a completely new customer base that’s willing to co-locate near the reactors, eliminating distribution costs.

For the nuclear industry, which has suffered for decades, this Bitcoin nuclear boost comes at a perfect time. According to the World Nuclear Association, almost all U.S. nuclear generating power comes from an old base of reactors constructed between 1967-1990. There had been no new construction on any reactor since 1977.

That was largely due to perceptions that generation was considered cheaper and safer after lingering fears from the partial meltdown of a reactor at Three Mile Island more than 30 years earlier.

Currently, nuclear energy provides approximately 13% of all electrical power in the U.S.

It’s worth noting that the $1.5 trillion infrastructure bill being voted on this week in Congress, has a few provisions to support nuclear energy generation. The Hill reported that the bill seeks different forms of energy. It includes nuclear power as well as fossil fuels. These are where carbon emissions have been trapped by high-tech processes and do not enter the environment.

A $6 billion program would be implemented between 2022 and 2026 to invest in the upgrading of nuclear reactors. This legislation is specific to nuclear energy.

In addition, it would offer technical and financial incentives to locate and construct suitable sites for small modular reactors, microreactors, and nuclear reactors.

It remains to be seen if these two reputationally battered industries – Bitcoin and nuclear energy – can find a way to help each other boost their respective profits and perceptions.

On The Flipside

• Crypto critics are unlikely to cheer the marriage of Bitcoin and nuclear power generation despite the dramatic carbon footprint reduction for crypto.
• As the next Bitcoin boogeyman, opponents will likely be focused on safety issues of nuclear power generation.

What are the reasons you should care?

It is undoubtedly a great move for Bitcoin and nuclear power generation. The license will enable the renewal of licenses for reactors in decline for up to 20 more years. The extended license allows for upgrades that typically run between $16 and $25 million. For years, this will prove to be an asset for America’s power generation infrastructure.

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