AUSTIN, Texas, March 17, 2022 (GLOBE NEWSWIRE) -- Kronos Fusion Energy Defense Systems (KFEDS) has developed advanced algorithms that allow the detailed simulation of plasma and components within a fusion generator, building on recent advances in this emerging technology.KFEDSis now preparing to take this technology out of the lab and into space.

Brigadier General (Ret) Paul E. Owen, Founding Partner and CEO of KFEDS, stated that, "Not since the opening stages of the space race, when mankind first entered space, and later landed on the moon, have we faced such rapid advances in technology. These advances give us the ability to truly explore beyond our solar system, to efficiently deliver interplanetary transport of personal material and equipment and to deliver unmanned expeditions to the far reaches of our solar system with sufficient payload and power to drive unprecedented levels of scientific discovery."

To this end,KFEDSis actively reviewing sites around the country where it plans to build America's first National Fusion Energy Space Center. This center will serve as a commercial development and testing site while providing over 1,000 new jobs, bringing together a team of civil and mechanical engineers, scientists, IT specialists and many others, with the unified goal of delivering the next generation of spacecraft propulsion and energy supply. KFEDS plans to identify a final location this year and break ground in early 2023 on this critical facility.

Fusion Energy represents a true evolution in space exploration, enabling a new era of rapid space travel that will revolutionize deep space exploration, interplanetary travel and sustainability of extra-terrestrial surface and space operations. KFEDS ability, through advanced modeling and simulation, to developsignificantly more efficient and powerful fusion generator designs, capable of being built in a rapidly accelerated time frame, take full advantage of U.S. dominance in the integrated fields of Artificial Intelligence, Neural Networks, Deep Learning, Blockchain Security, and Data Mining. TheNational Fusion Energy Space Center is the natural culmination of many years of research and development, allowing for these advanced concepts to now be built, tried, tested and, eventually, integrated into the space programs of tomorrow.

For over 50 years, the United States has remained the undisputed leader in the exploration and understanding of our solar system and beyond. The systems that will be developed at the National Fusion Energy Space Center hold the key to ensuring that it remains so for the next 50 years and beyond.

For further information:

Kronos Fusion Energy

1122 Colorado St

Austin, TX 78701

https://www.kronosfusionenergy.com/

PR Contact: Erin Pendleton - pr@kronosfusionenergy.com

Related Images

Image 1

This content was issued through the press release distribution service at Newswire.com.

Originally posted here:

Kronos Fusion Energy Planning to Build First Ever National Fusion Energy Space Center - GlobeNewswire

Energy use by the Bitcoin network in the United States and globally could grow significantly in the next five years, adding many gigawatts of demand, according to some experts. With concerns increasing about utilities'carbon footprints, there is a growing push within the cryptocurrencyindustry to reimagine cryptomining systems as potential grid assets that can help balance demand and encourage renewable energy.

For those not up on cryptocurrencies,there are several, of which Bitcoin is the largest by market capitalization and energy use. "Mining" operations race to solve complex math problems, which allows them to validate new entries in a distributed ledger called a blockchain and, in turn, be rewarded with Bitcoin. The system is designed to make calculations increasingly difficult as demand for Bitcoin grows and the supply remains fixed.Solving the calculations requires growing amounts of energy consumed by large data farms.

Bitcoin mining operations now routinely participate in demand response programs, boosting their revenues by providing grid services. But critics say they are sometimes consuming fossil fuels that would otherwise go unused, and their potential as demand-side resources may be overstated.

Can Bitcoin be a grid asset? Or are the industry's claims a kind of crypto-greenwashing?

"It's complicated," said Eric Hittinger, interim chair of the Department of Public Policy at the Rochester Institute of Technology. "It's never quite clear to me where the line is between exaggeration and fabrication."

The electricity load used for crypto mining in the United States will reach almost 10,000 MW in the next five years, according to some estimates. Texas alone could see 5,000 MW of new demand by 2023, according to crypto miners in the state.

"There are going to be many, many gigawatts of additional incremental power demand in the United States" for Bitcoin on an ongoing basis, Digital Power Optimization CEO Andrew Webber said. The company offers "cryptocurrency mining as a service" and helps miners manage their energy use.

In the face of growing climate concern and potential regulation, miners say they have been consuming a cleaner mix of energy and working with utilities and grid operators to provide needed demand flexibility. The industry also touts its ability to spur the development of renewable energy, consume otherwise curtailed energy, and even help revitalize some of the country's aging hydropower assets.

At a recent congressional hearing on Bitcoin, lawmakers appeared open to blockchain innovations and their potential as a grid resource, while also raising concerns about the technology's energy consumption.

Blockchain technology has "numerous potential applications beyond cryptocurrency that will likely soon make our lives more efficient and secure," Rep. Diana DeGette, D-Colo., said at the Jan. 20 House Subcommittee on Oversight and Investigations hearing.

Bitcoin can provide grid flexibility and consume excess renewable generation, but there is often another side to the ledger involving increased electricity demand and carbon emissions, said Hittinger.

"I think crypto does provide some flexibility to electricity grids. It does introduce additional demand in, maybe, some of the right places," he said. However, "we could usually use that electricity for something that is maybe more socially valuable than mining crypto."

The widely-cited Cambridge Bitcoin Electricity Consumption Index puts annualized global Bitcoin consumption at around 125 Twh and estimated demand at 14-15 GW.Those bullish on Bitcoin say energy demand could triple or quadruple in the coming years.

"From a public policy perspective, the most relevant question should be energy production rather than energy consumption," Brian Brooks, CEO of Bitfury Group, told the congressional subcommittee Jan. 20. He said Bitcoin mining in 2021 used about 58% sustainable energy,and was sourced from a cleaner energy mix than the bulk of U.S. electricity.

Regardless of that energy mix,DeGette noted examples in upstate New York and Pennsylvania where crypto mining operations are burning fossil fuels at power plants that might otherwise be closed. "Given our current climate objectives, examples like this are deeply concerning," she said.

The Greenidge power plant in Dresden, N.Y., is an example of how older power plants are being kept online to mine cryptocurrency and the environmental issues they raise.Private equity firm Atlas Holdings bought the defunct coal plant in 2014 and converted it to burn natural gas. It now primarily powers the company's Bitcoin operation, but the plant also sends energy back to the state's grid operator.

The Greenidge generation facility has a nameplate capacity rating of 112.5 MW and in 2020 injected 231.5 GWh of energy onto the bulk electric system, according to the New York Independent System Operator's 2021 Gold Book, which compiles load and capacity data. State regulators are currently reviewing its air permits.

More groups are focused on increasing the sustainability of the energy mix used for crypto.

Energy research nonprofit RMI is developing standards and solutions that can help cryptocurrency miners to decarbonize, said Marc Johnson, a senior associate in its climate intelligence program.

Through the Crypto Climate Accord, RMI is helping to provide guidance on how miners can "more comprehensively account for the emissions associated with their activities, and then providing some ways in which they can source the appropriate mitigation tools," Johnson said. Those mitigation methods potentially include renewable energy credits or other offsets.

The accord, inspired by the Paris Climate Agreement,has the support of more than 200 companies and individuals across the cryptocurrency, finance, technology, climate and energy sectors.Participants have committed to achieving net-zero emissions related to their crypto operations by 2030.

Other countries have similarly questioned the high energy needs of crypto mining. China banned Bitcoin mining in 2021 over concern for the stability of its financial institutions, prompting operations to move to other areas with cheap power, including Texas, New York and parts of the U.S. Southeast.

Cheap renewable generation in parts of the Southwest and Midwest could also attract crypto miners, say experts.

"These mining operations are enormous. They represent the single largest electricity loads in the world today," said Gregg Dixon, CEO of demand response provider Voltus.

Voltus is working with crypto miners to provide flexibility and services to grid operators.This month it announced plans to connect a 100-MW virtual power plant into the PJM Interconnection through a partnership with cryptocurrency miner Mawson Infrastructure Group.

Crypto benefits for curtailing activities through demand response

The ability of miners to rapidly modulate their operations makes them prime candidates for demand response participation, and that flexibility is worth millions of dollars, say Bitcoin experts.

Crypto miners can start, stop or pause computing processes, which allows for the addition of more flexible loads, Soluna Computing CEO John Belizaire told lawmakers at the congressional hearing. The company develops small-footprint data centers for cryptocurrency mining, helping ensure renewable generators can find a buyer for all of their output.

"This flexible load can help increase grid resilience," Belizaire said, likening computing power to "a better battery" that can help integrate more renewables onto the grid.

"Crypto mines are very different data center beasts," said Dixon, in that they can shut down "instantly." And that flexibility can be more valuable than the cryptocurrency being mined. Providing services back to the electric grid can generate anywhere from 2% to 10% of a mines revenue, he said.

Crypto miners are generally looking to pay between $0.03 and $0.04 per kWh, and they achieve that total cost of power by seeking out low-cost electricity and providing services back to the grid, said Dixon. Crypto miners typically curtail their usage from 100 to 500 hours per year in instances when what they can make off of the grid is more than what they would make mining," he said.

But not all flexibility is the same, according to Hittinger.The cryptocurrency industry's demand response usefulness may be overstated. Crypto miners are happy to stop using energy when prices get high, he said, the same as any other factory. That's a good resource to have, but it only gets you so far.

"That helps us manage the grid when demand is really high," he said. "It doesn't help us use extra electricity when demand is low and supply is high." For that, something like an electric vehicle would be ideal: It consumes a certain amount of energy each day, but it's indifferent as to when it charges.

Crypto miners don't provide this flexibility because "if there was pretty cheap energy, they would just run 24/7," Hittinger said.

While the demand response capabilities of Bitcoin may still be debated, the cryptocurrency industry is forging ahead, and grid operators appear to be on board.

Republican Sen. Ted Cruz has touted Bitcoin's potential to help stabilize the Texas grid and said crypto could be "a way to strengthen our energy infrastructure.Crypto mining operations are helping grow the local economy and consume renewables that would otherwise be curtailed, according to the Electric Reliability Council of Texas (ERCOT), which operates most of the state's grid.

Crypto miners in West Texas "take advantage of negatively-priced electricity during times of low electric demand, and shut down when prices rise to a certain point," ERCOT said in a statement. "This supports their business, the Texas economy and uses a resource that would otherwise go unused."

"We have also seen crypto miners respond during grid events by rapidly reducing their electric use," the Texas grid operator continued. "During Winter Storm Uri, we saw them reduce their demand to zero which helped make power available to others during a grid emergency."

In practice, grid operators may not single out cryptocurrency miners as a particular segment, said Dixon, as they see the facilities as similar to any industrial resource. However, ERCOT said that as policy discussions around demand response continue, crypto "is a market segment that could play a larger role to quickly reduce demand when needed."

Along with providing demand flexibility, the crypto mining industry can help bolster the grid and develop clean energy in a variety of others ways,crypto miners say, often by taking advantage of crypto mining wherever there is cheap energy and internet access.

Crypto miners can consume energy that would otherwise be curtailed, said Bitfury's Brooks, by locating near renewable generators and providing baseload consumption for solar and wind. They can also consume natural gas that would otherwise be flared at oil drilling operations "to turn that dead-weight loss into economic value," he said.

That same locational flexibility can help with transmission losses and distribution grid efficiency, he said.

"The mobility of Bitcoin mining allows the industry to construct data centers close to the power generation source, thus reducing these losses and turning the associated power into economic value while also reducing the need for additional investments in transmission and distribution infrastructure," Brooks said.

Digital Power Optimization's Webber said his company is also looking at how cryptocurrency mining can help revitalize the United States' aging hydroelectric infrastructure.

"There's a lot of defunct and underfunded hydroelectric assets around North America and elsewhere, frankly, that maybe haven't had their maintenance ... kept up to date," he said. "There's a lot of opportunity there to repair some of America's infrastructure."

"Crypto mining can actually revitalize disused, underused, underfunded energy assets that are 100 years old," he said. "And on top of that, whatever you're not using for your Bitcoin mine, you can then sell into the grid."

Read more from the original source:

Bitcoin mining as a grid resource? 'It's complicated.' - Utility Dive

Mentions of robotics within the filings of companies in the mining industry rose 94% between the second and third quarters of 2021.

In total, the frequency of sentences related to robotics between October 2020 and September 2021 was 700% higher than in 2016 when GlobalData, from whom our data for this article is taken, first began to track the key issues referred to in company filings.

When companies in the mining industry publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Robotics is one of these topics companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.

To assess whether robotics is featuring more in the summaries and strategies of companies in the mining industry, two measures were calculated. Firstly, we looked at the percentage of companies that have mentioned robotics at least once in filings during the past twelve months this was 28% compared to 7% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to robotics.

Of the 50 biggest employers in the mining industry, Metalurgica Gerdau was the company that referred to robotics the most between October 2020 and September 2021. GlobalData identified five robotics-related sentences in the Brazil-based company's filings 0.5% of all sentences. Atlas Copco mentioned robotics the second most the issue was referred to in 0.2% of sentences in the company's filings. Other top employers with high robotics mentions included Hoa Phat Group, Magnitogorsk Metallurgicheskiy Kombinat, and MMC Norilsk Nickel.

Across all companies in the mining industry, the filing published in the third quarter of 2021 that exhibited the greatest focus on robotics came from Metalurgica Gerdau. Of the document's 1,030 sentences, five (0.5%) referred to robotics.

This analysis provides an approximate indication of which companies are focusing on robotics and how important the issue is considered within the mining industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning robotics more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into robotics have been successes or failures.

In the last quarter, companies in the mining industry based in Eastern Europe were most likely to mention robotics with 0.06% of sentences in company filings referring to the issue. In contrast, companies with their headquarters in Canada mentioned robotics in just 0.01% of sentences.

Mine Closure, Project Management, Environmental Advisory and Site Environmental Management Services

Bearings and Units, Seals, Lubrication Systems, Remanufacturing

Excerpt from:

Filings buzz in the mining industry: 94% increase in robotics mentions in Q3 of 2021 - Mining Technology

Mentions of big data within the filings of companies in the mining industry rose 16% between the second and third quarters of 2021.

In total, the frequency of sentences related to big data between October 2020 and September 2021 was 187% higher than in 2016 when GlobalData, from whom our data for this article is taken, first began to track the key issues referred to in company filings.

When companies in the mining industry publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Big data is one of these topics companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.

To assess whether big data is featuring more in the summaries and strategies of companies in the mining industry, two measures were calculated. Firstly, we looked at the percentage of companies that have mentioned big data at least once in filings during the past twelve months this was 51% compared to 23% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to big data.

Of the 50 biggest employers in the mining industry, Metalurgica Gerdau was the company that referred to big data the most between October 2020 and September 2021. GlobalData identified seven big data-related sentences in the Brazil-based company's filings 0.7% of all sentences. Caterpillar mentioned big data the second most the issue was referred to in 0.3% of sentences in the company's filings. Other top employers with high big data mentions included KGHM Polska Miedz, Honeywell International and MMC Norilsk Nickel.

Across all companies in the mining industry the filing published in the third quarter of 2021 which exhibited the greatest focus on big data came from Metalurgica Gerdau. Of the document's 1,030 sentences, seven (0.7%) referred to big data.

This analysis provides an approximate indication of which companies are focusing on big data and how important the issue is considered within the mining industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning big data more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into big data have been successes or failures.

GlobalData also categorises big data mentions by a series of subthemes. Of these subthemes, the most commonly referred to topic in the third quarter of 2021 was "data analytics", which made up 60% of all big data subtheme mentions by companies in the mining industry.

Bulk Material Handling Solutions for the Mining Sector

Secure Satellite Systems and Services for Mining Operations

See the original post here:

Filings buzz in the mining industry: 16% increase in big data mentions in Q3 of 2021 - Mining Technology

Mr. Beer brings two decades of experience with Canadian technology leaders to Hut 8 to support the company's growth objectives

TORONTO, Feb. 15, 2022 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or "the Company"), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the appointment of James Beer to the new role of Senior Vice President, Operations, effective February 22, 2022. Mr. Beer joins Hut 8's growing and diverse leadership team under the direction of CEO Jaime Leverton to support scaling and expansion of the Company's diversified operations.

James Beer (CNW Group/Hut 8 Mining Corp)

Mr. Beer brings more than 20 years of leadership experience within service provider organizations serving mission critical facilities operations, colocation, site design and construction, network architecture, security, and managed services.

"We are delighted to bring James on board Hut 8's executive leadership team to help create incremental value as we continue to scale and diversify," said Jaime Leverton, Chief Executive Officer of the Company. "James brings with him an expertise and track record aligned to our vision for Hut 8 and will be instrumental in driving growth and innovation as he oversees our data center operations."

Over the last two decades, James has participated in multiple merger and acquisition transactions focused on integration, building growth engines, and value creation.

"I look forward to being a part of Hut 8 and to building on the Company's incredible innovation and momentum within the traditional data center and managed services realms," said Mr. Beer. "As industry becomes increasingly digitized, it's exciting to be working at the cutting-edge of high performance computing technologies being developed for the next generation."

About the Company:

Story continues

Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data center space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data center model that serves both the traditional high performance compute (web 2.0) and nascent digital asset computing sectors, blockchain gaming, and web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Hut 8's team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Cautionary Note Regarding ForwardLooking Information This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company's businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "predict", "project", "is designed to", "likely" or similar expressions and includes, among others, statements regarding management's expectations, expertise, projections, estimates or characterizations of future events or circumstances, the Company's growing and diverse leadership team, the Company's ability to scale, expand, and diversify operations, the Company's ability to grow and create incremental value, high-performance computing technologies, and the Company's ability to build on innovation and momentum within the data center and managed services realms.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company's third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company's ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company's ability to access sufficient capital from internal and external sources. The foregoing and other risks are described in greater detail in the "Risk Factors" section of the Company's Annual Information Form dated March 25, 2021, which is available on http://www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: http://www.hut8mining.com

Hut 8 Mining Corp Logo (CNW Group/Hut 8 Mining Corp)

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/james-beer-joins-hut-8-mining-as-svp-of-operations-301482519.html

SOURCE Hut 8 Mining Corp

Read the original post:

James Beer Joins Hut 8 Mining as SVP of Operations - Yahoo Finance