Is this a backdoor entry of Middle Eastern countries in bitcoin mining?

Crusoe Energy uses natural gas as energy for its bitcoin (BTC) mining rigs now counting on oil-producing countries like Abu Dhabi and Oman for investments. 

The company is known for pioneering bitcoin (BTC) mining in terms of using wasted natural gas to use it as a power source for its mining rigs, Crusoe Energy is upto expanding its operations in the Middle Eastern region. The US-based private company is going to receive investments from the sovereign wealth fund (SWF) of Abu Dhabi known as Mubadala and the Oman Investment Authority (OIA). 

This week, Crusoe announced that Mubadala and OIA, both were part of a funding round of $350 million that happened in April. As per the Company’s statement, the investment will be used to push the efforts of Crusoe for its international expansion as it is working to line up the computing’s future with the future of climate. 

The Denver-based miner as part of its expansion will open an office in the capital city of Oman, Muscat initially and then shortly after it in Abu Dhabi. CEO and co-founder of Crusoe Chase Lochmiller said that the company will start after hiring about two-three people for the offices and eight people as field personnel. He expects that there will be the deployment of pilot-level technologies at one site in both countries by the first quarter of 2023. 

However, Lochmiller did not make any comment regarding the number of investments that both the countries have made but he mentioned that the stakes after the investments were meaningful. He added that the patented digital flare mitigation systems of Crusoe’s expansion established it as the first bitcoin miner that uses flare gas to set up in the Middle East and North Africa (MENA) region. 

Currently, Crusoe has some mobile sites across the United States and a customer roster including energy producers like Kraken Oil and gas, Devon Energy, Enerplus and Exxon’s presence is somewhat doubtful. There were reports also that Crusoe is working on testing to power its bitcoin mining operation using flared gas in the North Dakota, which is considered to be the energy giant because of its oil wells.