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October 10, 2021 11:34 am

Could Bitcoin Mining Really Provide Crucial Demand For Nuclear Power?

Gizmodo takes a hard look at a "growing sense of excitement" about collaboration between bitcoin-mining operations and nuclear power plants (which are now plagued by high operating costs compared to renewables as well as natural gas):Of the three partnerships between bitcoin companies and nuclear energy that the Wall Street Journal mentioned, two involve bitcoin miners partnering with existing nuclear sources to power their operations... These are not companies investing in the future, but rather companies searching for anything that will help keep the profits flowing using existing power plants. It's pretty safe to say that some cash-strapped owners of nuclear plants will be using mining partnerships not to make any technological strides, but rather to simply keep the old plants operating. "The plants themselves are pretty well-run, and they know what they're doing," said Alex Gilbert, a project manager at the think tank Nuclear Innovation Alliance. "It really is a matter of the economics. There's a certain point where you're definitely unprofitable, and you're going to be likely to close because you're not getting enough money in power markets. But if a bitcoin operation takes 10 to 15 to 30 percent of your power at a reasonable price, that tips you into profitability." This profitability means the plants can stay open, giving miners a little carbon-free energy as a treat while keeping the U.S.'s biggest source of zero-emissions power operational. This is especially a good idea while we wait for more renewables — and policies that favor them — to come online, in what could be the first real-world proof bitcoin is doing some societal good instead of being a waste of energy and resources.... A few small-to-medium reactors should be ready for licensing in a few years and some over the next decade, he said, helped along by private and federal funding. To actually get to a point where the kinds of smaller reactors could be developed that would be competitive with the (rapidly falling) price of renewables, Gilbert said, would take a significantly larger bump from private capital — as well as more customers. "Providing early demand for advance reactors, especially microreactors, that's how bitcoin can most help the nuclear sector," he said.... I'm not a technofuturist who dreams of a libertarian paradise, but I have to admit that there's kind of a cool idea here. If the bitcoin community really believes cryptocurrencies are the money of the future, let them be the first to invest in a budding technology that could be the energy of the future. In the interim, however, they shouldn't be allowed to rest on their greenwashing laurels while continuing to churn out emissions as they wait for fast reactor technology to become feasible in 10 years. Government regulations are, of course, anathema to crypto true believers. But a mandate that any new mining facilities source power from nearby nuclear plants could go a long way toward cleaning up bitcoin's act and ensuring the carbon-free energy we desperately need stays on the grid while fancy fast reactors come online.

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