- Support for Nuclear Energy for Climate Goals
- Benefits for Bitcoin Miners
- Global Moves Towards Nuclear Energy
Former President Donald Trump and New York Governor Kathy Hochul have proposed pivoting to nuclear energy to address climate goals and provide the vast energy needed for high-performance computing and artificial intelligence.
Support for Nuclear Energy for Climate Goals
Governor Hochul believes nuclear energy can help address shortfalls in New York's ambitious climate agenda, which was first announced in 2019, by positioning the state to meet its 2030 climate goals. Trump, the 2024 Republican presidential candidate, pitched the idea of shifting to nuclear power in a recent interview with Shawn Ryan, emphasizing the need to generate massive electricity for the artificial intelligence sector.
Benefits for Bitcoin Miners
Bitcoin miners constantly seek alternative, novel, underused energy sources to power their operations. These novel sources include converting runoff natural gas from oil fields and using volcanic geothermal energy to mine Bitcoin. Energy prices represent the main input cost for Bitcoin miners. According to a report from Bitfufu, the average cost to mine a single Bitcoin rose to $51,887 in the second quarter of 2024. Access to nuclear energy, which provides nearly limitless energy with significantly less capital expenditure than wind, solar, and other renewables, would substantially reduce the costs of Bitcoin mining.
Global Moves Towards Nuclear Energy
Trump and Hochul aren’t alone in their interest in nuclear power. In August, Poland set aside $1.2 billion to build the country’s first nuclear energy plant. Officials in Sweden are also mulling plans to invest $28.5 billion to finance nuclear power reactors throughout the country. China’s government also approved a plan to build 11 new nuclear reactors in a $31 billion deal.
Transitioning to nuclear energy could be a significant step towards achieving climate goals, advancing artificial intelligence, and reducing Bitcoin mining costs.
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