The cryptocurrency mining and oil industry complement each other for greater efficiency
Podcaster Marty Bent wrote a blog post in which he explained the use of excess gas formed as a by-product of oil extraction to boost the energy needed for Bitcoin mining.
Podcaster Marty Bent wrote a blog post in which he explained the use of excess gas formed as a by-product of oil extraction to boost the energy needed for Bitcoin mining. The biggest criticism that has been attributed to Bitcoin mining is the enormous use of energy that is necessary for its operation. However, most of the miners affirm that their farms are provided by renewable energy sources that even collaborate with the protection of the environment. Bent claims that his initiative helps reduce waste in the oil and gas sector while contributing to Bitcoin's public network.
The company you are mining Bitcoin with is the well-known Great American Mining. The first mining operation began in December last year and according to Bent, the initiative seeks to encourage other producers in the oil industry to become the largest miners within the Bitcoin network. In this regard, Bent explained: "What we are trying to do and achieve at Great American Mining is for these oil and gas companies to have a 'revealing' moment and realize that they should invest in this and build a mining infrastructure in their field for them to be more efficient with their wasted gas ... and generally, in the long run, help promote Bitcoin, help protect Bitcoin, and distribute Bitcoin further from a mining perspective."
The trend is growing more and more in the industry. A Texas company, Crusoe Energy Systems, is using natural gas waste to use it as energy for cryptocurrency mining equipment. Black Pearl Resources, the Canadian oil mining company, is using the same system to mine Bitcoin and offset the company's operating costs. It's easy to see that both industries can complement each other to function more efficiently: Bitcoin mining requires abundant and cheap energy sources, and oil companies seek to maximize their profitability to the maximum possible.