- Oil companies to use byproduct gas to make electricity for mining cryptocurrencies, helping such companies become more energy-efficient.
Oil companies are looking at new and innovative ways to make use of excessive waste gas and other hydrocarbon byproducts during the drilling and oil production operations. Cryptocurrency mining can be a useful way to use waste gas according to some experts.
Marty Bent, a podcaster cast light on this side of things as he made a case for oil producers using waste gas energy to mine bitcoin on the spot. In a blog post on 15 April, Bent said that he had helped an oil producer Great American Mining company (GAM) to mine cryptocurrencies using excessive gas. This gas has no use and is wasted by these companies due to their poor economics. But, on the rig, this energy is just as good as any other energy source and can easily power adjusted generators to produce electricity that can be used to mine cryptocurrencies including Bitcoin.
This can potentially allow the companies to become more efficient and earn decent mining rewards in return as well.
Image Courtesy: pixabay.com