How This Partnership Will Introduce Nuclear Powered Bitcoin Mining
California-based Oklo and Compass Mining will take the Bitcoin mining sector to the next level. These companies have consolidated a two-decade partnership to introduce advanced fission and harvest nuclear energy to substitute fossil fuels to mine BTC.
Thus, the partners seek to diversify the Bitcoin mining sector and implement alternative sources of energy for this activity. The nuclear energy to be supplied by Oklo is “cleaner, reliable, and affordable”.
According to a press release, the first Compass Bitcoin mining machines power by advanced fission are set to start operating in the “early 2020s”.
This company has a unique business model focus on BTC, they launched a marketplace and offer its clients an “easy procurement and deployment” of mining equipment. Compass Mining wants people to have more access to BTC’s hash rate while contributing to the network’s security.
Whit Gibbs, co-founder, and CEO of Compass said the following of its 20-year partnership with Oklo:
Compass is thrilled to partner with a cutting-edge team like Oklo. Together we can push the Bitcoin mining industry forward into a new phase of cheap and reliable power from advanced fission. Every bitcoin miner understands the need for cheap, reliable power. Our team and clients are excited to partner with Oklo and redefine the energy landscape for cryptocurrency mining.
Bitcoin Mining Could Be Set With Clean Energy For Decades
Oklo is one of the first advanced fission companies with a permit to operate and construct a power plant in the U.S. Their activities are regulated by the Nuclear Regulatory Commission from this country.
The press release adds that nuclear power has the potential to provide Bitcoin mining machines with clear power for decades “without the need to refuel”. Per their deal, Oklo will supply 150MW to Compass in the first stage of their cooperation.
However, the project has a high degree of scalability and Oklo can add additional power capacity to support Compass mining activities. Jacob DeWitte, co-founder and CEO of Oklo, said to be proud of the opportunity to establish a new path for Bitcoin mining with their partner. DeWitte added:
Cryptocurrency mining offers promising pathways to accelerate the deployment of clean energy technologies, and Oklo is positioned to respond to commercial demands by offering end-users the convenience of buying clean, reliable, and cost-effective power that they can depend on.
In an interview with the Compass Podcast, DeWitte talked about the flexibility of Bitcoin mining and its potential to put energy surplus, that would otherwise be waste, in action.
The CEO of Oklo believes electricity is “not something easily stored”, but BTC mining could be a game-changer in the energy sector. Thus, he called Bitcoin a “market enable and market maker” and expects that it will become a major source to materialized “independent revenue pathways”.
“Electricity is not easily stored. #Bitcoin offers the possibility of fostering new #nuclear technologies like advanced fission by making excess power profitable” @oklo – Compass PodcastApple https://t.co/nbJ7nThhzNSpotify https://t.co/rWHnAtYcwJAnchor https://t.co/SDbAFmQDJy pic.twitter.com/74FugLudCx— Compass Mining 🧭 (@compass_mining) July 14, 2021
At the time of writing, Bitcoin trades at $31,874 with a 1.4% profit in the 1-hour chart.Source