Why fossil fuel companies see green in Bitcoin mining projects

  • 📰 verge
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 67%

Business News News

Business Business Latest News,Business Business Headlines

They have a gas problem.

in natural gas goes up in smoke every year in the US through flaring

This is where Bitcoin reenters the chat. The Bitcoin network uses about as much electricity in a year as the country of. Miners solve ever more complex puzzles to mint new Bitcoin, which requires special hardware and a whole lot of electricity. Luckily for Exxon and companies like it, Bitcoin mining rigs can be set up pretty much anywhere there’s a cheap, abundant power source — like, say, an oil field where Exxon has so much extra gas it’s just burning it up willy-nilly.

It might be different if Exxon was getting its waste gas to the grid where it might serve an arguably more important purpose like heating and lighting homes. Then that excess gas would displace pollution that would have otherwise come from intentionally drilling for gas elsewhere. But that’s not really the case when Exxon mines Bitcoin with waste gas.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 94. in BUSİNESS

Business Business Latest News, Business Business Headlines