Donald Trump and New York Governor Kathy Hochul have proposed using nuclear energy to meet climate goals
Date: 2024-08-27 Author: Gabriel Deangelo Categories: IN WORLD
Governor Hochul believes that nuclear energy can help address the shortcomings of New York’s ambitious climate program, first announced in 2019, allowing the state to meet its climate goals by 2030.
Donald Trump, the 2024 Republican presidential candidate, has pushed for nuclear energy for other reasons. In a recent interview with podcaster Shawn Ryan, Trump explained that America needs to generate massive amounts of electricity to support the artificial intelligence sector.
Trump highlighted the challenges of using other forms of renewable energy, such as wind and solar, and noted the importance of leadership in the development of artificial intelligence:
“We will create massive amounts of electricity for our country, and that will allow AI to compete. And you’re right, whoever masters this will have a big advantage, you know, it’s going to be the oil of the future.”
It’s not just Trump and Hochul who are interested in nuclear energy. In August, Poland committed $1.2 billion to build the country’s first nuclear power plant. Sweden is also considering plans to invest $28.5 billion in nuclear reactors across the country. The Chinese government has approved a similar plan to build 11 new nuclear reactors at a cost of $31 billion.
Impact on Bitcoin Mining
Bitcoin (BTC) miners are constantly looking for alternative, innovative, and underutilized energy sources for their operations. These include the use of waste natural gas from oil fields that is typically flared, as well as volcanic geothermal energy.
The cost of electricity is a major cost factor for Bitcoin miners. According to a report from Bitfufu, the average cost of mining one bitcoin in Q2 2024 was $51,887. In a January 2024 report, analysts at Cantor Fitzgerald predicted the challenges facing bitcoin mining companies and identified 11 companies that could become unprofitable if the price of bitcoin falls below $40,000.
Access to nuclear energy, which provides a nearly unlimited amount of energy with significantly lower capital costs compared to wind, solar, and other renewable sources, could significantly reduce the cost of bitcoin mining.
Reducing the huge electricity costs associated with mining could also potentially democratize and decentralize the mining sector, allowing smaller miners to successfully mine blocks.
