Energy Harbor Corp enters into an agreement to use nuclear power to mine BTC. from
Energy Harbor Corp just signed a five-year contract with Standard Power to open an environmentally friendly BTC mining facility in Ohio. We can see more in today’s latest bitcoin news.
China’s crackdown on crypto mining has devastated the mining industry, but some are trying to turn this crisis into a business opportunity by offering a sustainable and profitable alternative. The search for an alternative sustainable BTC mining solution intensified after Tesla CEO Elon Musk announced that his company would no longer accept BTC payments due to its environmental impact. Musk assured that if BTC manages to collect 51% on clean energy, he can reconsider his decision.
With this awareness, some US companies are pushing for influential roles in the industry, and now we could see Energy Harbor Corp sign a 5-year deal with Standard Power, a nuclear power hosting provider. and provide clean energy to BTC mining centers. The Ohio mining facility will receive a sustainable source of electricity by the end of the year, according to Energy Harbor PR.
As of this writing, stakeholders have not disclosed the size of their operation or the amount of electricity the company will be consuming, but the company assures that it is able to ensure that all operations rely on renewable energy. Maxim Serezhin, CEO of Standard Power, reiterated his commitment to clean energy and long-term sustainability:
“We chose Ohio because of the low cost of electricity and the availability of carbon-free energy sources. By partnering with Energy Harbor, we have proactively structured our storage capacity to ensure that 100% of the electricity connected to this facility is carbon-free. “
Ohio is a state with a history of crypto-friendly policies and the use of blockchain technology, while Governor John Kasich signed a law in 2018 that recognizes blockchain transactions as evidence. Ohio then began accepting BTC as a form of tax payment. The controversy surrounding the negative impact of BTC on the environment is the weakness for the cryptocurrency. Recently, some politicians have taken a critical stance on BTC as a harmful industry as China bans crypto mining, which complicates things. On the other hand, Treasury Secretary Janet Yellen criticized Bitcoin mining in the US, saying:
“It’s an extremely inefficient way to conduct transactions and the energy consumption of these transactions is staggering.”
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