- Compass and Oklo have signed a 20-year partnership to power Bitcoin mining with advanced fission
- Oklo will begin to supply Compass with clean, reliable, and cost-effective power starting in the early 2020s
- The commercial partnership between Oklo and Compass aims to promote diverse and sustainable energy sources for cryptocurrency miners
Oklo Inc. (Oklo) announces a 20-year commercial partnership with Compass Mining (Compass), the world's first online marketplace for Bitcoin mining hardware and hosting. With increasing power consumption from bitcoin mining, the partnership between Oklo and Compass aims to introduce advanced fission to supplement fossil fuels and promote diversity and sustainability in the energy sources used by miners.
Oklo’s advanced fission powerhouses will provide clean, reliable, and affordable baseload power for Compass’ Bitcoin mining machines, starting in the early 2020s. Oklo is committed to supplying at least 150MW of clean power to Compass in the first phase of this partnership, helping drive the sustainability of Bitcoin mining practices.
“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. 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.
“Cryptocurrency mining offers promising pathways to accelerate the deployment of clean energy technologies, and Oklo is positioned to respond to commercial demands by offering end-users the convenience of buying clean, reliable, and cost-effective power that they can depend on,” added DeWitte. Oklo’s path to deployment strives to optimize its power plant designs to be cost-competitive with the cheapest forms of energy.
Oklo’s advanced fission powerhouses can produce reliable power for up to 20 years without the need to refuel and have the capabilities to turn nuclear waste into clean energy. This commercial project is scalable, and Oklo can add additional capacity to accelerate Compass’ sustainable mining efforts further while driving the economics of Bitcoin mining activities powered by advanced fission.
“Compass is thrilled to partner with a cutting-edge team like 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.