PRESS RELEASE3 MIN READ
- 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
SUNNYVALE, Calif.--(BUSINESS WIRE)--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.
About Oklo Inc.: Oklo Inc. (Oklo) is a California-based company developing clean energy plants to provide emission-free, reliable, and affordable energy using advanced fission. Oklo received a Site Use Permit from the U.S Department of Energy, successfully demonstrated prototype of its metallic fuel, was awarded fuel material from Idaho National Laboratory, and developed the first advanced fission combined license application, which completed acceptance review and was docketed by the U.S. Nuclear Regulatory Commission.
About Compass: Compass Mining is a bitcoin-first, proof-of-work mining company on a mission to strengthen Bitcoin's network by democratizing hash rate. Compass' mining marketplace offers easy procurement and deployment of mining machines for institutional and retail clients. Compass also produces industry-leading research and educational content through a variety of tailored media product offerings. Mining is a notoriously opaque sector of the Bitcoin industry, but Compass now serves as the guide for everyone's path to successfully mining bitcoin. Thanks to Compass, mining bitcoin has never been easier.
Contacts
Media Contact for Oklo:
Bonita Chan
Director of Marketing and External Relations
Inquiries: media@oklo.com
Media Contact for Compass:
Zack Voell
Content Director
Inquiries: media@compassmining.io