There’s a publicly listed company that’s using a unique source of energy to power their Bitcoin mining: nuclear.
What’s happening:
- Maryland based Bitcoin mining company TeraWulf (NASDAQ: WULF) has become the first company in the United States to launch a Bitcoin mining facility powered entirely by nuclear energy
- Through a joint venture with data centre operator Cumulus Coin, TeraWulf has brought half of their mining rigs online into their Pennsylvania based facility that runs off of baseload nuclear power
How it works:
- The Susquehanna nuclear generation station located in Pennsylvania is providing the nuclear energy to TeraWulf
- TeraWulf is then using that low carbon energy to power their Bitcoin mining operations at their facility called Nautilus
Why it matters:
- Finding ways to power Bitcoin mining through low carbon power and clean energy is a rapidly growing trend in Silicon Valley and Wall Street
- Validating nuclear energy as a source of power for future Bitcoin mining operations could unlock an exponential decrease in total emissions from Bitcoin mining facilities
By the numbers:
- TeraWulf is able to source nuclear energy for $0.02 per kilowatt hour
- Currently, the Nautilus facility has been able to activate 8000 mining rigs that are being fully operated through nuclear power
- When the facility is operating at full capacity, TeraWulf believes they will be able to power approximately 16,000 miners entirely through nuclear energy
- The Susquehanna nuclear generation facility that powers TeraWulf’s operations cost approximately $8B USD to originally construct
