Nuclear Reactors Could Be Used In Powering Bitcoin Mining In Future
Global statistics indicate that Bitcoin mining activities consume 0.5% of international consumption figures.
Many individuals and organizations are now lamenting that these activities are destroying the environment. Moreover, others argue that they have led to the increase of electricity costs.
Bitcoin Uses 200 GigaWatts Of Energy
Geologists approximates that Bitcoin mining needs around 200 GigaWatts of power. However, some experts disagree with these estimates since they are very high. The professionals advise that Bitcoin mining should use excess energy produced by nuclear power plants. Most of this energy is usually underutilized. Therefore, this is the future since nuclear energy is affordable and releases small amounts of greenhouse gases.
A controlled nuclear chain reaction is responsible for producing nuclear energy. The power produced by this reaction is capable of producing electricity as long as the reaction is steady. However, if it causes exponentially many atoms to spit, it develops a nuclear bomb. This device can cause mass destruction if it is used for malicious intentions.
Nuclear energy plants produce excess power throughout the year to an extent where the power grid lacks enough space to store more electricity. In this case, the only option that power operators are left with is to decrease the energy output of the nuclear reactor. Control rods are used to the excess power. This is possible through the use of metals such as silver that absorb neutrons thus, stopping nuclear chain reactions. The primary intention is to decrease the chances of accidents that might occur because of excess power.
Slowing of a nuclear reaction does not result to any cost savings. The cost of running a low and high capacity nuclear plant is the same. It is therefore, prudent for nuclear energy plants to operate to full capacity. The energy generated should be used throughout. The measure increases the durability of a nuclear reactor.
Bitcoin Should Utilize Nuclear Energy
Bitcoin can adequately utilize the energy of a power plant. A large Bitcoin farm should be set on the grid of a nuclear energy plant. This will enable the nuclear plant to run at full capacity. Such action will increase the plant’s revenues. It will also lower electricity costs for the whole grid. Bitcoin mining network will also satisfy its needs.
Bitcoin can also earn more revenue through the use of low electricity rates. This is because it will use a small amount of their revenue to pay for these charges. It is evident where Bitcoin farms are located in cheap sources of energy like the hydroelectric dams in China. These regions produce excess electricity which can be utilized to generate more income. Other corporations and individuals can use the excess power for production.