Home arrow Article arrow Article Detail

Energy harbour and Standard Power are partnering to use carbon-free nuclear energy to mine bitcoin in Ohio

Profile Image

Joyashree Dey Follow


Jul, 14 2021

Jul, 14 2021

likes 0 | comments 0

Article Image

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.”

likes 0 Likes | comments 0 Comments

Profile Image

Joyashree Dey

CBW - External Analyst


Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.