Crypto News Today: 1st Nuclear Bitcoin Mining Farm

Crypto News Today: Pennsylvania Starts Up Its 1st Nuclear Powered Bitcoin Mining Farm. The Bitcoin mining farm built by the companies TeraWulf and Talen Energy Corporation in the state of Pennsylvania has gone live.

Crypto News Today: 1st Nuclear Bitcoin Mining Farm
Crypto News Today

The Bitcoin mining farm operates under the name of Nautilus Cryptomine, the company made up of the companies TeraWulf and Cumulus Data, a subsidiary of Talen Energy Corporation, responsible for the development of this project in the state of Pennsylvania, United States.

In a press release issued this week, TeraWulf reported that it has brought nearly 8,000 BTC miners online , allowing it to operate a hash rate capacity of approximately 1.0 EH/s on the blockchain network.

Nautilus Cryptomine claims to be the first data center to integrate 100% nuclear-powered Bitcoin mining operations, with no polluting emissions into the environment.

The opening of this crypto-mining farm makes the state of Pennsylvania the first in the country to use this type of energy to extract bitcoins from the network.

Crypto News Today: Nautilus Cryptomine

TeraWulf President and CEO Paul Prager highlighted that the company is already powering 16,000 ASIC miners with clean energy, between its Nautilus Cryptomine and Lake Mariner facilities. The latter is a former coal-fired power plant, located in upstate New York, that has been completely refurbished by TeraWulf and now produces power using hydroelectric and solar sources.

Prager also noted that by the second quarter of this year, TeraWulf plans to increase its capacity and operate 50,000 ASIC sets for bitcoin mining. This amount of mining equipment will be jointly operated by Nautilus Cryptomine and Lake Mariner, giving TeraWulf an operational capacity of 5.5 EH/s on the Bitcoin network. According to TeraWulf estimates, 160 megawatts (MW) of power is needed to keep this number of ASIC miners operational.

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Nuclear power and other clean sources

El Salvador was one of the first countries to surprise the world by using a 100% clean energy source, volcanic energy, to sustain Bitcoin mining operations. However, in other parts of the world the companies that are dedicated to this activity are also finding new alternatives to reduce the use of energy from fossil fuels in order to extract bitcoins in a more friendly and respectful way with the environment.

From the use of hydroelectric energy, to the use of solar energy, the reuse of coal or gas residues in oil exploitation areas, among others, there are currently many ways in which miners are reducing their environmental footprint by extract bitcoins.
Nuclear power has also served as the source to power the operations of thousands of Bitcoin mining rigs . This energy source, in addition to reducing the environmental footprint of the blockchain network, guarantees stable and constant energy and also allows miners to make their efforts even more profitable.

Nautilus Cryptomine highlighted that nuclear power represents lower cost energy, $0.02 Kilowatt-hour (kWh) . The company maintains that this energy price will remain fixed for the crypto mining activity of ASIC teams for the next 5 years.

Nuclear Powered Bitcoin Mining in the United States

In addition to TeraWulf and Talen Energy, other companies like Energy Harbor and Oklo Inc. are pushing their own projects to power cryptocurrency mining farms with nuclear power.

Energy Harbor plans to supply power to crypto mining company Standard Power in the state of Ohio, while Oklo Inc. will power the operations of company Compass Mining.

On the other hand, the city of Miami, led by pro-bitcoin mayor Francis Suarez, was one of the first in the United States to express its interest in supplying power to Bitcoin miners through nuclear sources. Suarez extended an invitation in mid-2021 to ASIC farms and operators to settle in the city to operate on nuclear power and enjoy other benefits.