Advertisement

Gas/oil companies and bitcoin mining

Gas/oil companies and bitcoin mining
  • Bitcoin mining has been often seen as a controversial topic. 
  • This is due to its massive use of power and electricity however Marty Bent has accepted a solution with open arms he says could reduce waste in the oil and gas sector.

Bitcoin mining has been often seen as a controversial topic. This is due to its massive use of power and electricity however one podcaster, Marty Bent has accepted a solution with open arms which he says could actually reduce waste in the oil and gas sector.

In a blog post published earlier this week on the 15th of April, Bent revealed that since last year he had been minding the leading crypto coin with the great American mining company and found he used gas formed as a byproduct of mining oil to power the rigs.

The company deployed the first small mining operation in the form of a shipping container in an oil field at the end of last year. Bent said that this was the initial step in pushing oil and gas producers to become some of the biggest players in the mining space on the bitcoin network.

He further said:

“What we're trying to do and achieve at Great American Mining is to sort of have these oil and gas companies have the ‘aha’ moment and realize that they should be investing in this and building out a mining infrastructure on their field so that they can be more efficient with their wasted gas... and overall in the long term, help Bitcoin out, help protect Bitcoin, and distribute Bitcoin further from a mining perspective.”

Many people who have mined bitcoin are looking for a cheap source for energy where many oil and gas firms will be looking to be as efficient and profitable as possible. The American company uses gas which is to be disposed of as a waste product or even sold off.

“If designed correctly, containers filled with Bitcoin miners have far superior uptime and are 5x more profitable (on average) than sending the gas to a pipeline to sell.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

You can share this post!

Advertisement