Everyone has their opinion about cryptocurrency, especially Bitcoin. You’ve probably heard that mining Bitcoin uses more energy than all of Switzerland or that Elon Musk abandoned it due to the great deal of fossil fuels that are used in the mining process. Energy is needed to produce everything we use, but have you ever wondered, “Is natural gas used to mine Bitcoin?” Keep reading to find out how biogases like methane are transformed into actual money.
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Solution To Gas Flaring
Oil and gas companies produce a great deal of biogas, which builds up if it can’t be reused to power the plant. Gas flaring is the current solution. Companies burn excess methane to turn it into carbon dioxide, which is better for the environment than releasing the methane. Biogas is a byproduct of many industries that must find solutions to stored gases.
Converting Natural Gas To Electricity
For years, oil companies have been using generators to convert biogas into energy that can be used in the same way as electricity. Industries that produce natural gasses can monitor them with biogas flow meters to ascertain how much natural gas they are emitting and capturing. The same biogas energy that is used to power buildings can power Bitcoin mining. Since one of the biggest concerns with Bitcoin is the amount of energy it uses, you will save power and electricity by using natural sources.
The Art of the Deal
Companies that produce biogas make money selling what they don’t use instead of burning it. Since gas flaring is dangerous and requires additional monitoring, it makes sense for companies to find something else to do with excess biogas. It is costly to use electricity, and natural gas is free. One way oil companies are helping mine Bitcoin is through the Kirkwood Oil and Gas partnership with EZ Blockchain. EZ Blockchain uses Kirkwood’s natural gas reserves, which EZ Blockchain pays for with the coins they mine.
Can natural gas be used to mine Bitcoin? You can use any source of energy to mine cryptocurrency. The process is costly, timely, and requires the right equipment. You’ll need to understand blockchain and enjoy solving puzzles to be successful. Using natural sources of energy can help you reduce energy costs.