A company called EZ Blockchain recently revealed its partnership with an oil and gas provider Silver Energy in an attempt to monetize wasted gas by using it to mine bitcoin.
According to the information shared by the crypto mining-focused venture, their team had successfully installed Silver Energy’s first mining site in its Alberta, Canada location last February 2021.
Using Microbt Whatsminers, the project was able to use around 1 megawatt of power that was “processed from 250 MCFd of stranded natural gas using a gas-electric generator.”
With this development, EZ Blockchain joins the long list of companies that have been working toward green solutions to address issues concerning the cryptocurrency’s insane levels of energy consumption, affecting the environment in a not-so-friendly way.
Mining also solves environmental problems
EZ Blockchain co-founder and Chief Executive Officer Sergii Gerasymovych noted that today, bitcoin mining is being implemented by oil and gas producers as part of their ESG policy.
“Bitcoin mining’s enormous power consumption can solve environmental problems caused by gas flaring and leaking wells,” said the CEO. He also added, with Silver Energy being an oil and gas service provider, it was only a matter of time before they started working with them.
Starting a movement
EZ Blockchain is not the only company that establishes mobile bitcoin mining data centers and in fact, it would seem a movement has been started.
Canadian business Upstream Data offers almost similar stranded gas solutions and U.S.-based Crusoe Energy Systems have already started providing its own version of the service for oil and gas producers as well.
It’s a welcome development for the cryptocurrency mining industry which has been slammed and criticized repeatedly for the strain it causes both on the energy business and the environment.
Image courtesy of Cointelegraph News/YouTube
- around
- Bitcoin
- Bitcoin mining
- blockchain
- business
- Canada
- caused
- ceo
- chief
- chief executive officer
- Co-founder
- Companies
- company
- consumption
- crypto
- cryptocurrency
- Cryptocurrency Mining
- data
- data centers
- Development
- energy
- Environment
- environmental
- executive
- First
- GAS
- Green
- HTTPS
- industry
- information
- issues
- IT
- List
- location
- Long
- Mining
- Mobile
- Natural Gas
- Offers
- Officer
- Oil
- Partnership
- policy
- power
- Producers
- shared
- Silver
- Solutions
- SOLVE
- started
- time
- venture
- youtube
