Kraken is exploring the possibility of using nuclear energy to ensure the power stability of its data centers. Vishnu Patankar, the CTO of the crypto exchange, told CoinDesk about this.
The manager noted a sharp increase in demand for electricity from the artificial intelligence and high-performance computing sectors.
Kraken also expects a boom in the field of DeFi and an increase in demand for its own services as institutions adopt digital assets.
"The round—the-clock and global nature of cryptocurrencies means that Kraken needs a constant supply of energy, especially given that we provide a large share of global trading volumes," Patankar said.
According to him, due to these factors, the exchange is exploring how it can scale its business in terms of stable access to electricity.
Kraken plans to use small modular reactors (MMRs) to power data centers. In January 2023, the U.S. Nuclear Regulatory Commission certified the first such device in the country, paving the way for commercial operation. In Russia and China, MMRs are already operating in the power grid.
The company has not yet made a final decision, but it is leaning towards nuclear energy, since alternatives like wind or solar generation depend on weather conditions, Patankar said.
In addition, MMRs can be placed directly on the territory of data centers, since they do not require a lot of space and are not influenced by external factors.
"Backup nuclear power means that Kraken will be able to continue operating even in the event of serious disruptions in the local power supply," Patankar said.
The Exchange is exploring the possibilities of developing similar projects at its enterprises in North America and Europe.
Recall that nuclear energy is actively used by bitcoin miners like CleanSpark or TeraWulf, but they are focused on stationary nuclear power plants.