Independent power producer and retail energy provider Energy harbour Corporation has partnered with Standard Power to supply clean, reliable, carbon free nuclear electricity from its new Bitcoin blockchain mining farm in Coshocton, Ohio till the beginning of December 2021.

Keeping in the mind Tesla CEO Elon Musk’s announcement about his company would stop accepting Bitcoin as a mode of payments due to its environmental entailment; the search for substitute sustainable Bitcoin mining solution got heightened. After triggering BTC’s sharpest gross price crash, Musk assured that he will reconsider his decision if BTC succeeds in rallying 51% on clean energy.

Energy harbour CEO and President John Judge said, “We are grateful that Standard Power has granted us the opportunity to serve them. We are happy to partner with customers who are focused on minimizing their impact on the environment while driving a new clean energy future in our local Ohio economy.”

Why Standard Power choose nuclear energy for the bitcoin mining industry?

Premier energy consultant Standard Power’s CEO Maxim Serezhin quoted in the official Press Release, “We selected Ohio because of its low electricity costs with availability of carbon-free sources of energy.by partnering with Energy Harbour, and we have proactively structured our hosting capabilities to ensure that 100% of the power associated with this facility is carbon-free.”

This 5 years joint venture will allow Standard Power to turn an abandoned paper mill into a bitcoin mining centre in Coshocton, Ohio. Moreover, the company claims that by closing down operations, it will provide accuracy and stability to the transmission grid in periods of energy crisis.

Ohio is a state with a tradition of bitcoin friendly policies and the use of blockchain technology. In August 2018, Ohio’s Governor John Kasich signed a bill that recognized cryptocurrency transactions as legal evidence in state courts. Similarly, in 2018’s November, Ohio began accepting BTC as a mode of payment for taxes.

There are arguments on the bad impact of bitcoins has on the environment and becoming the weak point for the cryptocurrency; the main exponent of this position is China who has banned cryptocurrency in the country. Recently, US Treasury Secretary Janet Yellen criticized Bitcoin mining, “It’s an extremely inefficient way to conduct transactions, and the amount of energy consumed in those transactions in staggering.”

Joyashree Dey

CBW - External Analyst

INDIA