As a means to help the environment and reduce deadly greenhouse emissions, Oil Behemoths have started to expand into the Bitcoin Mining Business.
According to statements from the World Bank, these deadly gas is frequently wasted by burning and flaring, because of the strict regulations and several technical hurdles in the overall development and structure of the gas market. As the burning and flaring process proceeds, precious gases like methane are produced, which can be taken advantage of rather than being wasted. This methane gas produced can be used as a product to provide energy to Bitcoin mining plans, providing a great opportunity to make some profit out of the gas.
If we look at Crusoe Energy Systems, they are using gas produced at shale drilling sites to convert it into electricity in order to power up data centres and Bitcoin mining facilities. This is a clear example that shows the profit potential of the produced gas, which instead of being wasted, can be converted into an extremely useful energy source to help power up many different kinds of new projects.
More proofs include the Russian Alexander Zhagrin Oil Field present in the city of Khanty-Mansiysk in Siberia, which used Vekus to order more than 100 crypto mining machines such as Antminer s9 ASICs from Bitmain. According to head Alexander Kalmykov from Gazprom, useful energy can be produced from emitted gases and can be used to give data centres and mining facilities the proper constant energy they require to operate. As more gas is used to produce useful electricity, this will definitely help to increase the rate at which raw materials will be used. Generating useful electricity from the gas means that the gases stored will not have to be transported to other locations, which is already a very expensive process, also consuming more gas/petrol/diesel in all the travelling.
Aramco and ExonMobile
Head of Mining Operations at Wise&Trust, Raymond Nasser, stated that if Aramco were to utilize all of the burned and flared gas produced in their extreme oil production fields, it could potentially be enough to provide power for almost half of the entire Bitcoin Network. Another huge gas waster city, Texas, in the USA, can also use this strategy to produce useful energy. According to Jim Cramer, ExonMobile should also pick up this strategy and take advantage of the gas instead of burning or flaring it, causing environmental harm.