The use of natural gas to extract BTC is now a topic that caught the interest in the southern part of the United States of America. The energy that disappears today can now generate money for gas suppliers.
Many oil producers and Bitcoin miners have been attending weekly meetings in the US state of Texas. Among their plans is to catch most of the hash rate that China has dropped since the country imposed a ban on cryptocurrency mining, prompting the closure of large farms.
A car depot in Texas is now a meeting place for Bitcoin enthusiasts, miners, and oil and gas executives to explore growth opportunities for the digital mining industry.
This deployment will bring various advantages to both miners and producers, even the environment, as by using natural gas from drilling sites to mine bitcoin (BTC), the oil industry’s carbon footprint would get drastically reduced.
Texas Could Become the Bitcoin Capital
Parker Lewis is one of the current ambassadors promoting bitcoin adoption in Texas. Everyone knows Lewis, and bitcoin enthusiasts describe him as the future mayor of the capital of Texas, Austin, as the note in the American media points out.
Lewis sustains the idea that if the area starts to host gatherings to discuss the future of the pioneering cryptocurrency, then Texas would become the Bitcoin capital of the world.
These efforts flourished because the meeting that took effect in late August attracted more than 200 attendees from across the state of Texas. There were also attendees from California, Colorado, Louisiana, Pennsylvania, New York, Australia, and the United Kingdom.
Using natural gas as a sustainable source to mine bitcoin is an intelligent and financially sound move, according to Adam Ortolf, which leads the business development in the US for Upstream Data, a manufacturer of devices for mining Bitcoin with natural gas.
The point that Ortolf highlighted is what Hayden Griffin Haby III certifies. Hayden explained to CNBC his experience merging these two worlds, that of Bitcoin mining and that of natural gas production.
One of the primary goals of this Texas oilman is to catch the attention of most Bitcoin miners who still desire to relocate their businesses after being kicked out of China. Texas already has the attention of industry greats like Marathon Digital Holdings.
This company will create a new farm in the state that will house approximately 73,000 specialized ASIC pieces of equipment. Until now, the estimates about using gas to extract the cryptocurrency remain unknown.
Digital Mining with Methane gas Heals the Environment
In the US, natural gas gets burned each year. This effort wastes fossil fuels and emits greenhouse gases without generating sustainable energy.
In Texas, state regulators have allowed companies the opportunity to burn more than a million cubic feet of gas every day since 2019. Combined, there would be enough natural gas to meet the annual gas needs of at least 15 million homes.
Fossil fuel companies choose to burn natural gas rather than compact it and sell it for various points. The construction of the necessary infrastructure is not financially viable for relatively small reserves. So, these reserves then get burned without generating anything from them.
By: Jenson Nuñez