Utah Oil Producer Is Using Otherwise Wasted Gas To Mine Bitcoin
Wesco has stopped flaring excess natural gas and is now using it to mine bitcoin, reducing carbon emissions and increasing profits.Wesco Operating Co., an oil producer near Moab, Utah, found in Bitcoin a solution to a years-old problem – the wastage of natural gas that can’t be shipped to market, The Salt Lake Tribune reported.The company pumps crude oil out of 18 north of Moab, producing natural gas as a byproduct. However, it had been torching a big part of that gas because it couldn’t ship it to market. But now, Wesco is using it to mine bitcoin.Wesco representative Steve Degenfelder....
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A Kenyan bitcoin mining company, Gridless, recently revealed how it is helping local communities reduce electricity costs by using excess generated power to mine bitcoin. The Gridless model has been hailed because it potentially helps to decentralize bitcoin mining as well as move some hashpower to Africa.
Using Wasted Energy to Mine Bitcoin
Gridless, a Kenya-based crypto mining company, has said the excess electricity from mini-grid hydro generators is now being used to mine bitcoin. The revenue generated from bitcoin mining helps to reduce or subsidize the cost of....
Senator Cruz predicts that Bitcoin mining will be used to capture wasted renewables and Texas’ power grid within five years. U.S. Senator Ted Cruz believes The United States should be using natural gas to mine Bitcoin instead of flaring it.Speaking during the Oct. 8 Texas Blockchain Summit, Senator Cruz asserted that Bitcoin mining can be used to monetize energy created through oil and gas extraction rather than burning it, arguing that there is “enormous opportunity for Bitcoin [...] to capture that gas instead of wasting it.”According to a transcription of the talk shared to social media....
Gazpromneft, the third-largest oil producer in Russia, is partnering with Swiss-based bitcoin mining company BitRiver to mine bitcoin with excess resources.
At least three states in the US may soon allow bitcoin to be used to pay for taxes. The State of New Hampshire, New York and Utah have been considering introducing a bill that would make this possible. Each of these states have come up with their own slightly different versions on why this could be a great option and what would be the benefits. Mark K. Roberts, a representative from the Republican Party, last January witnessed the Utah state developing and introducing a bill to create a Council on Payment Options for State Services, which would research how Utah would go about accepting....
Utah State Legislature recently stepped up to show its magnanimous support to Bitcoin - the world's first decentralized cryptocurrency. As per the new bill proposed by Rep. Marc K Roberts, Utah lawmakers are open to accept Bitcoin as a "valid form of payment." The bill (house resolution) spoke highly about the digital currency's promising benefits for the people of Utah - be it free-market capitalism or lower transaction fee. The bill therefore proposed the formation of a special council to study the possibility of such an unusual integration. "The Legislature and the Governor," it said,....