Energy Harbor Corp Strikes Deal To Use Nuclear Energy For BTC Mining

Energy Harbor Corp has just signed a 5-year deal with Standard Power to launch an environmentally friendly BTC mining facility in Ohio as we can see more in our latest Bitcoin news today.

China’s crackdown on crypto mining brought havoc on the mining industry but some are looking to turn this crisis into a business opportunity by offering a sustainable and profitable alternative in all of the crypto-friendly locations. The search for an alternative sustainable BTC mining solution intensified after Tesla’s CEO Elon Musk announced that his company will stop accepting BTC payments because of environmental implications which spiked the BTC crash recently. Musk assured that if BTC succeeds in rallying 51% on clean energy, he could reconsider his decision.

Having this in mind, a few US players started pushing for an influential role in the industry and now we can see Energy Harbor Corp signing a 5-year deal with Standard Power which is a leading hosting provider for mining companies that want to use nuclear power and provide clean energy for BTC mining centers. According to PR shared by Energy Harbor, the mining facility located in Ohio will receive a sustainable Power source later this year.

At this time, the parties involved haven’t disclosed the size of the operation or the amount of electricity that the company will use but the company assured that it has the ability to ensure that all of the operations will rely on renewable energy. Maxim Serezhin, Standard Power’s chief Executive Officer reiterated the commitment to clean energy and long-term sustainability:

“We selected Ohio because of its low electricity costs with availability of carbon-free sources of energy. By partnering with Energy Harbor, we have proactively structured our hosting capabilities to ensure that 100% of the power associated with this facility is carbon-free”.

Ohio is a state with a tradition of crypto-friendly policies and the use of blockcahin technology while Governor John Kasich back in 2018, signed a bill that recognized blockchain transactions as legal evidence in state courts. Ohio then started accepting BTC as a form of payment of taxes. Arguments around the bad impact BTC has on the environment, have been the weak point for the cryptocurrency. Recently, a few politicians have taken a critical stance against BTC as a highly damaging industry with China banning crypto mining further complicating things. On the other hand, in the US, Treasury Secretary Janet Yellen criticized Bitcoin mining and said:

“It’s an extremely inefficient way to conduct transactions, and the amount of energy consumed in those transactions is staggering.”