Oil giant ConocoPhilips reduces gas flaring emissions via Bitcoin mining
Oil and gas giant ConocoPhilips has entered the Bitcoin mining business in a bid to profitably reduce carbon emissions. International oil and gas giant ConocoPhilips is dipping its toes into Bitcoin (BTC) mining as a way to eliminate the wasteful practice of flaring.According to a report from CNBC, the company is currently operating a pilot scheme in the oil-rich region of Bakken, North Dakota. Instead of burning excess gas, a byproduct of oil-drilling known as flaring, the company is selling it to a third party Bitcoin miner to be used as fuel. Speaking on the environmental impacts of....
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A new report reveals an angle for sustainability in Bitcoin mining through harnessing onsite natural gas emissions. Data from a recent Ark Invest report highlights another utility for Bitcoin (BTC) mining in the realm of sustainability and energy. According to the findings, there is enormous potential to transform methane emissions into energy for Bitcoin mining, which, in turn, will turbocharge solar and wind-generated electricity at onsite wells. Important research from @skorusARK on #Bitcoin’s potential role in transforming methane emissions into bitcoin mining that will turbocharge....
Just recently, the firm Arcane Research recently revealed a number of screenshots from the publicly traded energy firm, Equinor. The pictures show the multinational company leveraging natural gas flaring to power bitcoin mining operations. In recent years, using the unorthodox gas flaring scheme to mine bitcoin has become more prominent worldwide. The Norwegian state-owned multinational energy company Equinor (NYSE: EQNR) has recently announced joining the crypto economy, as the firm has partnered with Crusoe Energy Solutions to mine bitcoin. Equinor is a well known, publicly listed firm....
Wesco has stopped flaring excess natural gas and is now using it to mine bitcoin, reducing carbon emissions and increasing profits.
Denver-based Crusoe Energy will help the Middle East nation to cut the gas flaring with the pilot project scheduled for the end of 2022. As the heated up discussion around the ethical aspects of using fossil fuels in crypto mining remains one of the key topics for the industry, an unexpected partnership between a Denver-based mining company and the government of a gas-rich Middle Eastern country sets a horizon for a positive role of crypto in cutting the fossil fuels waste. On Wednesday, June 1 Bloomberg reported that Crusoe Energy, an operator repurposing wasted fuel energy to the....
According to digital investing firm CoinShares, the Bitcoin (BTC) mining network contributed less than 0.08 percent of the world’s total carbon dioxide (CO2) emissions. According to data gathered by the company, BTC mining contributes only a small portion of worldwide CO2 emissions, especially when compared to the wide range of services made possible by the […]