Digital Assets: Nuclear Fission Energy Startup Oklo Signs Up With Compass Mining

July 15, 2021 | Digital Assets, News

Oklo will supply at least 150 MW of energy for 20 years to Compass Mining.

Compass Mining, the world’s first online marketplace for Bitcoin mining hardware and hosting, and Oklo Inc, a startup developing clean energy plants using advanced fission, have struck a 20-year deal. Eyeing the growing demand for emission-free power to use in bitcoin mining, Oklo’s advanced fission power houses will supply 150 MW of energy to Compass bitcoin mining machines commencing in the early 20’s. (BusinessWire)

Oklo’s fission powerhouses can supply power for upto two decades without the need to refuel and can even turn nuclear waste into clean energy. Oklo is the first advanced fission company to have its license to construct and operate a power plant be accepted for review by the U.S. Nuclear Regulatory Commission.

It is Oklo’s mission for its power plants to be cost-competitive with the cheapest forms of energy.

How it works

From World Nuclear News:  Oklo’s proposed Aurora reactor design is a fast neutron reactor that uses heat pipes to transport heat from the reactor core to a supercritical carbon dioxide power conversion system to generate electricity. Using metallic high-assay low-enriched uranium (HALEU) fuel, the Aurora ‘powerhouse’ produces about 1.5 MW of electric power, and can also produce usable heat. Idaho National Laboratory last year agreed to provide Oklo with access to HALEU fuel recovered from a now-decommissioned experimental reactor for use in the development and demonstration of Aurora.

Decarbonizing bitcoin

“We are proud to blaze new trails on the commercialization of our powerhouses by partnering with Compass in decarbonizing Bitcoin,” said Jacob DeWitte, co-founder and CEO of Oklo.

“Together we can push the Bitcoin mining industry forward into a new phase of cheap and reliable power from advanced fission. Every bitcoin miner understands the need for cheap, reliable power. Our team and clients are excited to partner with Oklo and redefine the energy landscape for cryptocurrency mining,” said Whit Gibbs, co-founder and CEO of Compass.

Compass’ mining marketplace offers easy procurement and deployment of mining machines for institutional and retail clients.

Related Story:  Stronghold Digital Mining Raises $105M To Mine Cryptos Using Waste Coal

Image Credit:  Oklo Press Release                                                   

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