Bitcoin miners meet with Texas oil and gas executives to discuss energy

At a recent meeting of 200 oil and gas executives and bitcoin miners in Texas, burned, dumped, and blocked gas assets were discussed as a way forward for bitcoin miners to cope with their increasing electricity requirements and Energy.

A native of Texas described in a CNBC Report on the subject named Hayden Griffin Haby III, a former surface landowner, has been mining bitcoin exclusively for the past nine months. Haby co-founded a company that powers bitcoin mining setups with burned, vented, and locked natural gas resources.

re has been an interesting confluence of events, with the Chinese government banning cryptocurrency mining rigs last spring. This could potentially result in an influx of Chinese crypto-miners to Houston, to use the newly provided energy resource.

While bitcoin miners worry about finding cheap energy, the deregulated electrical grid, along with cheap energy sources in Texas, provides them with a perfect solution.

One bitcoin advocate, Parker Lewis, who is an executive at Unchained Capital, a bitcoin financial services company, has been a key figure in linking Texas power generation capacity with bitcoin miners. Imagine Texas becoming the bitcoin capital of the world and traveling through Texas to spread the word about bitcoin.

combustion of methane essential for the production of mining energy.

In the past, when oil and gas companies hit a natural gas formation while drilling for oil, a pipeline was needed to supply the gas. If a pipeline was very close to the drilling site, the gas could be sold the same day. If the drilling site is 20 miles from the nearest pipeline, it is not so easy to sell the gas discovered. You need to do something else.

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One option is to vent the gas to the atmosphere, which has harmful effects from an emissions point of view. other option is to “turn it on”, which involves external ignition of the gas. torches release CO2 and H2O instead of methane CH4 and this process is 75% to 90% efficient.

other option is the on-site supply of methane through an engine or generator, which allows you to burn 100% of the methane. This option is the most economically viable.

Bitcoin miners get what they want either way, which is cheap energy.

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