Compass Mining, a bitcoin mining firm, announced a 20-year cooperation with Oklo Inc., a California-based company that uses advanced fission to generate clean, emission-free energy.
Oklo explains that the firm is dedicated to providing Compass with 150 megawatts (MW) of clean energy to fuel bitcoin mining activities.
Connecting Advanced Fission with Bitcoin Mining
In recent years, bitcoin mining methods have incorporated a variety of renewable and sustainable energy sources, with miners utilising excess flare gas, hydropower, solar energy, and geothermal solutions.
Recently, the Bitcoin Mining Council released a report estimating that around 56% of Bitcoin’s SHA256 hashrate is powered by clean energy. In recent years, an increasing number of businesses have moved to carbon-neutral energy sources to mine bitcoin.
Compass Mining, a bitcoin mining firm, announced on Wednesday that it is working with Oklo Inc. to obtain clean energy to power its operations. According to Wednesday’s statement, Oklo will provide 150MW of power to Compass during the partnership’s initial phase.
Oklo emphasises that the firm’s innovative fission technique is capable of supplying Compass with electricity for 20 years.
Additionally, enhanced fission processes eliminate the need for refuelling, and Oklo’s advanced fission powerhouses harness “capabilities to convert nuclear waste to clean energy.”
Advanced fission is a type of nuclear fission in which the nucleus of an atom is divided into two or more smaller nuclei. The process generates neutrons and gamma rays, which can be used for a variety of energy applications.
Otto Hahn and Fritz Strassmann discovered the fission of heavy metals in 1938. Although fission is not dependent on fossil fuels, the components required to develop sophisticated fission processes are scarce due to the use of uranium and plutonium.
Additionally, residents have expressed concern about the poisonous trash left behind, as it is an incredibly difficult waste product to dispose of.
The Advanced Fission Method Used by Oklo Is Not the Same as the Conventional Nuclear Fission Formula
Oklo’s improved fission process is unique in that it does not rely on moderators such as water to delay neutrons.
Oklo omits this step since it enables neutrons to travel significantly faster due to the usage of a smaller facility. Additionally, the corporation uses a refined form of the uranium-235 isotope rather than the more commonly utilised uranium-238.
By utilising uranium-235, Oklo’s reactor may operate significantly longer than conventional nuclear fission plants, which require more frequent refuelling. On Wednesday, Jacob DeWitte, cofounder and CEO of Oklo, stated that the firm is looking forward to partnering with Compass Mining.
“We are proud to blaze new trails on the commercialization of our powerhouses by partnering with Compass in decarbonizing Bitcoin,” DeWitte said in a statement.
“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,” the Oklo executive added.
Compass cofounder and CEO Whit Gibbs believes that collaborating with Oklo will help “redefine the energy landscape for cryptocurrency mining.”
Earlier this year, Oklo became the first firm in its industry to have an application for the construction and operation of an advanced fission plant approved by the United States Nuclear Regulatory Commission (NRC).
“Compass is thrilled to partner with a cutting-edge team like Oklo,” Gibbs added. “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.”
What are your thoughts on Oklo’s cooperation with Compass Mining, and bitcoin miners utilising sophisticated fission technologies? Kindly inform us in the comments section below.