Oil Companies using waste natural gas to power Bitcoin mining
It is being reported by NewsBTC that oil companies in Canada have come up with a novel use for the natural gas that is produced by drilling for oil. The solution? Use it to power Bitcoin mining, which offsets the costs of drilling.
Normally the natural gas, a byproduct of drilling for oil, is simply wasted by being flared off in the field. Now it is being collected and used to power generators which are in turn powering a fairly sizeable Bitcoin mining operation. The price of the gas on the market is basically unprofitable, so this allows the drilling companies to at least get some return from the resource.
Using it this way gives other benefits, as Ryan Wartman from Black Pearl Resources explains:
"It was the best option for us… We’re using it to bring ourselves below the government-regulated amount that we can vent on location and keep producing oil."
Thanks to this technique, the team is able to keep their operation running 24 hours a day.
It is not unfathomable that other companies will begin to take notice and even do the same. It seems like a win-win for the Oil companies and cryptocurrency enthusiasts alike.
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