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Bitcoin mining with a rest product of an oil company’s

bitcoin oil mining

Bitcoin (BTC) requires energy to be mined. It is therefore important for entrepreneurs in this industry to find cheap energy and then to establish themselves at that location.

Marty Bent, a bitcoin podcaster, comes in a blog post with a nice solution for his energy: since last year he uses the remaining gas from an oil company to mine bitcoin.

Oil

Bent started with Great American Mining (GAM) with a container on an oil field. The gas released as a by-product is used to power its hardware.

Bent foresees a future in which many oil and gas companies use their remaining energy to mine bitcoin. This gas normally produces nothing, now GAM can use it to earn BTC.

Bent explains the concept further in his podcast. With this initiative he hopes to convince companies and provide an ‘aha-moment’. The gas that is normally wasted can be used to earn an extra money.

This is good for bitcoin in the long run and will possibly lead to even more companies putting their energy (literally and figuratively) into bitcoin.

GAM buys by-products from oil and gas companies. Normally this is sold (at a loss) or disposed as waste. BTC mining can be an option.

According to Bent, it is even a lot more profitable: “If properly developed, containers with bitcoin miners can earn up to 5 times more”.

The podcaster sees another trend: “instead of building large data centres, container models are used to build on location”. In this way you can place the hardware quite close to the rest of the company.

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