Sep 09, 2020
Flaring is the controlled burning of natural gas, and it is common in the oil and gas industry. Considering gas is valuable, companies would capture rather than flare it. The gas and oil industry can use their flaring to gain some profit, also satisfying their ecological responsibilities.
Royal Dutch Shell and British Petroleum pointed that they are willing to work with the operators and industry trade associations, including Texas Methane and Flaring Coalition (TMFC), to identify, assess and recommend opportunities, and the best practices to reduce flaring in Texas. It is a good sign since the gas flaring can use for good purposes. This opportunity could be attractive for bitcoin miners.
If we look at the recent weeks can see that Equinor and bitcoin mining company Crusoe Energy Systems made some agreement to use flaring as an energy source for bitcoin mining. In the Texas case, it would be similar too if mining companies take immediate steps.
Using flaring as an energy source has many advantages. Firstly, it will be economically beneficial for gas companies. They can get some amount of money supplying flaring gas to mining companies. According to recent information, the energy consumption of the mining industry is approaching the level of the Czech Republic. Mining startups use a lot of energy to mine bitcoins, and collaborative work with gas companies will be a relatively cheap option for them, and it could be an efficient way of using. Secondly, it will be efficient in an ecological sense. Since all those gas flares run and emit carbon to air using at least some part of it would contribute to the environment. Texas bay is a central oil and gas source of the USA, and similar contracts with other startups and mining companies can offer a lot to the environment.
This kind of initiative from the oil and gas sector is worth mentioning. Using energy sources efficiently and keeping it for the next generations should be our chief purpose. We hope we can observe similar headlines in the news frequently.