Oil and Gas Industry Giant Shell Forays Into Bitcoin Mining Industry
- Shell aims to confer green transition to Bitcoin mining.
- As per data, Bitcoin mining consumes 103.01 TWh per year.
Shell plc, the London-based oil and gas industry giant, has stepped forward to unveil its stance in enhancing the Bitcoin mining industry. Notably, the company has signed a two-year sponsorship with BTC Inc and Bitcoin Magazine for The Bitcoin Conference.
At Bitcoin 2023 Miami event, Shell aims to advocate the possibility of making Bitcoin mining green with the help of its product – immersion cooling fluid. Shell launched this product last August to aid data centers in achieving sustainability and promoting the usage of renewable energy.
Darin Gonzalez, U.S. Immersion Cooling Lead at Shell Lubricants stated:
“As part of an integrated energy solution, Shell Immersion Cooling Fluid S5 X is designed to reduce energy costs and emissions through its high cooling efficiency, flow behavior, and excellent thermodynamic properties.”
Also, Shell highlighted that their new solution can potentially cut down energy costs and carbon footprints of Bitcoin mining by up to 48%.
Mining is a vital process integrated with crypto assets such as Bitcoin, Livepeer, Ethereum Classic, etc., that use the proof-of-work (PoW) consensus to secure their transactions. According to Cambridge Bitcoin Electricity Consumption Index data, Bitcoin mining consumes over 103 Terawatts hours annually. This energy is equivalent to the consumption by mid-size countries like Netherlands and Austria.
Furthermore, the offset carbon emissions from this mechanism pose ecological imbalance threats. This may also be one of the reasons why Bitcoin adoption is slower among global nations. Policymakers and environmental activists are still voicing against bitcoin mining violating climate policies. Companies like Shell foraying into the domain with solutions can accelerate the adoption of Bitcoin and educate the world about its impact.
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