New Investor Insights to Bitcoin Mining at OAG Production Sites
Oil companies have seen growing pressure from governments and investors to reduce their carbon emissions.
Not all the emissions addressed are those from the profitable production of oil and gas, either. A growing volume of emissions is from flaring (excess natural gas burned away at a loss).
The towering flare stacks give a frightful sight to anyone focusing on the environment. Bitcoin mining has swept in to woo the oil and gas industry with a new solution that’s a win-win for everyone.
“Oil and gas companies don’t like to flare their gas — that’s money that’s burning away,” Steve Degenfelder was quoted to say. Degenfelder works with crypto miners connected to EZ Blockchain.
Bitcoin miners are increasingly installing autonomous mining systems like the gas crypto mining EZ Smartgrid system at oil fields for access to affordable energy. Oil and gas producers then either give them their excess natural gas (since it costs money to treat and flare it) or they sell it to the Bitcoin miners.
Visualizing the Shift
Some of the biggest oil patches in the U.S. stretch along the Rocky Mountains and into the Great Plains. Increasingly, people driving through see trucks going down the highway with trailers carrying pipes, generators, and computers.
Those trailers are carrying “cryptocurrency mining rigs,” and they’re destined to oil production pads.
At the oil drilling sites, these rigs use stranded and excess natural gas to power their search for cryptocurrencies.
This symbiotic relationship between miners and oil and gas producers has already started to reshape the industry. It’s responding to growing pressures to reduce emissions from both sides because the natural gas is put to use instead of flared away. Both industries benefit in unprecedented ways.