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Flared natural gas latest prize in bitcoin miners’ energy quest

Washington

As the value of bitcoin rises and concerns about the energy-intensive process needed to achieve it, cryptocurrency traders in the United States believe they have found a solution to the natural gas explosion.

One advantage, or mining, is that bitcoin and other cryptocurrencies require multiple computers dedicated to solving complex equations – an attempt to use more electricity globally than the rest of the world, but not oil wells. Gas-powered jets on the side are the best sources of electricity. .

“I think the market is huge,” said Easy Blockchain CEO Sergei Gerasimovich. It has six different data centers that treat natural gas in the states of Utah and New Mexico and Canada.

Across the country, companies like Easy Blockchain are installing shipping containers, with hundreds of computers mining racks with cryptocurrencies that are fueled by natural gas from oil wells, otherwise burning tomorrow.

Over the years, interest in his work has increased. Bitcoin and other cryptocurrencies such as Ethereum and DocCoin have seen an increase in prices and major companies have started adopting the technology as COVID-19 has put the global economy at its head.

But a recession has surfaced against the energy use of digital assets, stemming from concerns over reliance on carbon-emitting energy sources that contribute to climate change.

Last week, Tesla’s boss Elon Musk criticized bitcoin’s electricity consumption, especially coal-produced energy, and said it would no longer accept cryptocurrency as a fee for its electric cars.

While entrepreneurs in the new industry say the use of wasted natural gas suggests a solution to these concerns, Tony Scott, analytics managing director at oil and gas research firm BTU Analytics, said they really needed to find a way to reduce emissions is. .

“With the best stuff and other loads, yes, it’s small,” Scott said. “They create economic value (but) they do not significantly change the emission profile.”

Many processors worldwide are involved in bitcoin mining. According to the Bitcoin Energy Consumption Index (CPECI), Cambridge uses 149.6 terawatt-hours of operation per year. This is slightly less than all the electricity consumed by Egypt.

As the most popular cryptocurrency, bitcoin is undoubtedly valuable, traded for less than $ 10,000 per year in mid-May for around $ 50,000 per year, encouraging miners to find affordable strength to increase their margins goes.

Enter natural gas combustion

If oil producers cannot find a way to implement this, they will turn to natural gas, which is cheaper and more complex to make worldwide.

Jason Dean, a bitcoin analyst at Quantum Economics, said, “Miners are around areas with more power. What’s new … is the whole idea of ​​burning gas.”

The floor burns many greenhouse gases as natural gas, but the International Energy Agency exploded around 150 billion cubic meters of natural gas worldwide in 2019, emitting nearly as much carbon dioxide as in Italy. .

The use of combustion gas to drive utility-specific bitcoin mining integrated circuits does not completely eliminate emissions, but it is better than igniting and using wasted energy.

“We go in, they make zero for their gas. Co-founder of Giga Retail Energy Solutions.” We can reduce your emissions, burn it, and create economic value on our end. ”

The natural gas side is at the expense of energy. CBECI estimates that the average global energy cost for a bitcoin mine is $ 0.05 per kWh. Lostro stated that natural gas energy can reduce the value of one kilowatt-hour by .0 0.018.

Interest in moving flame gas to cryptocurrency mining has increased, not only because digital assets are increasing in value.

“The issuance of new combustion permits has been further investigated, and I think manufacturers have realized this,” said Brit Swann, head of Ecorek’s cryptocurrency mining expansion.

“They are ready to find a way to play ball and use that gas.

Once available, companies differ in what they do with bitcoin and other digital assets.

Egork wants to convert it into dollars, but Lostro plans to keep the mines as bitcoins, which he hopes will one day introduce a new global financial system.

“There is no need to sell the world’s most valuable asset,” he said.

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