“Dirty” Energy Turns Into Clean Bitcoin Mining
Mining Bitcoin uses a growing sum of energy. And with energy consumption comes environmental concerns. Bitcoin miners, however, have fomented a new symbiosis with the oil and gas industry (OAG) to reduce carbon emissions for both parties.
The resulting partnership will have a huge impact on the planet and on Bitcoin’s reputation.
Save the Planet?
In an effort to access cheaper energy and reduce their own carbon emissions, Bitcoin miners recently began to partner with OAG producers to convert stranded and excess natural gas into power. That power is then used on-site — right at the oil pad — to mine Bitcoin in what’s called a “BTC mining warehouse.”
“During oil drilling, there’s associated petroleum gas coming out of the ground,” explained EZ Blockchain’s own Sergii Gerasymovych in a recent interview. “Companies are often forced to burn the gas,” resulting in gas flaring that amounts to 275 million metric tons of CO2 emissions annually.
EZ Blockchain uses that natural gas instead so OAG producers don’t have to flare it. The gas is used to power Bitcoin mining. This cuts an OAG producer’s emissions by 20 to 30% and cuts up to 70% of other harmful pollutants like volatile organic compounds (VOCs).
Save Bitcoin’s Reputation
Cryptocurrencies of all “coinage” have earned a growing reputation as energy guzzlers. The Bitcoin network consumes as much energy as the Netherlands, and that’s just one kind of cryptocurrency.
This new and revolutionary partnership with OAG producers, however, has set early-adopting miners on the path to energy sustainability.
EZ Blockchain is the prime example of a company taking natural gas that is otherwise flared and wasted to use instead for Bitcoin mining.
Climate change is real, and Bitcoin miners are positioned now to reverse their part from a villain to an active advocate for sustainability and renewable energy.