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Fracking Companies Stopper Wasted Natural Gas with Bitcoin

The Bitcoin network has been reported to use over 121 terawatt-hours of energy per year, which is roughly the same consumption of Argentina
May 17, 2021
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Fracking and Bitcoin Mining Operations Promote Mutual Efficiency

Energy has been the focal point of competition between Bitcoin miners. The most competitive Bitcoin mining operations are the most energy-efficient, and those with access to the cheapest electricity.

Fracking companies in the oil and gas industry (OAG) have become a point of interest for Bitcoin mining operations for that reason. Fracking shale formations blast high-pressure water mixtures at rock to release natural gas within, but it's not the natural gas they're after. Fracking operations are on their way to oil, and the natural gas deposits are in the way.

Without the infrastructure to sell that natural gas, fracking companies have had to flare the gas away at a loss.

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Bitcoin Comes in to Clean Up

Political and environmental issues are closing in around fracking practices. Bitcoin miners like EZ Blockchain's own Sergii Gerasymovych proposed a solution as early as 2018, but OAG companies came to their breaking point in the pandemic before realizing how dire the situation was.

Now, instead of flaring away found natural gas, fracking companies are installing crypto mining containers on-site to process the natural gas into electricity, which is used to mine Bitcoin.

As this solution is adopted by more OAG companies, the Bitcoin mining industry will become even more competitive in the race to smart crypto miners that use electricity even more efficiently.

 

The full article read HERE.

Tags
  • Bitcoin,
  • clean crypto mining,
  • Cryptomining,
  • Natural Gas,
  • wasted energy,
Authors:
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Sergii Gerasymovych
EZ Blockchain
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