In recent news, Compass mining – a famous bitcoin mining company announced the start of their 20-year partnership with Oklo Inc. Oklo is an energy company that uses advanced fission to generate emission-free, safe and clean energy.
Oklo stated that in this partnership they have committed to providing 150 MW of clean energy to Compass to run crypto mining operations.
With the rise and popularity of crypto, many types of sustainable and renewable sources of energy have been applied to bitcoin mining. Many crypto miners around the world purchase excess flare gas, geothermal, solar energy, and hydropower.
According to a recent report published by Bitcoin Mining Council, 56 percent of Bitcoin’s SHA256 hash-rate was powered by clean energy. A big number of crypto mining operations have also moved to carbon-neutral methods for obtaining energy for bitcoin mining.
The bitcoin mining company, Compass Mining announced this Wed, Jul 14th that they are partnering with Oklo, Inc. This partnership has come into being to obtain clean energy to power their operations. In the first phase of the partnership, Oklo will provide 150 megawatts (MW) of power.
Oklo’s advanced fission process can generate power for Compass for 20 years, as per Okla. On top of that, there’s no need to refuel their fission process. In addition to that Oklo’s advanced fission powerhouses, also have great capability of converting nuclear waste into clean emission-less energy. That sounds like a solid deal.
For those who don’t know, the advanced fission process is a type of nuclear fission in which the nucleus of an atom is broken into two or smaller nuclei. As a result of this process, an output of gamma photons and neutrons is released which can be used for all types of energy purposes.
For the first time, the fission of heavy elements was discovered in 1938 by Fritz Strassmann and Otto Hahn. The interesting part is that the fission process is not dependent on fossil fuels, but the elements required to initiate advanced fission processes are rare elements like plutonium and uranium. People also have an issue with toxic waste as it is severely difficult and dangerous to dispose-off this waste product.
If we talk about Oklo, their advanced fission method has a different approach. It doesn’t use water or any other conventional moderators to slow down neutrons.
By using a smaller facility, Oklo goes without this process because this allows neutrons to travel at a much faster pace.
Also, as compared to the commonly used uranium 238 isotope Oklo uses a refined form of uranium-235. By doing so, Oklo’s reactor has more capacity to run considerably longer than a traditional nuclear reactor which requires refueling more frequently than Oklo’s.
The co-founder and CEO Oklo, Jacob DeWitte stated on Wednesday:
“We’re proud to blaze new paths on the commercialization of our powerhouses through a partnership with Compass in decarbonizing Bitcoin”
On the other hand cofounder and CEO of Compass, named Whit Gibbs stated:
“Compass is very excited to partner with a cutting edge team like Oklo. We can push the Bitcoin mining industry forward into a new phase of reliable and cheap power.”