On a private highway in Houston, in a 150,000-square-foot storage room, where the best vintage vehicles are stored, 200 oil and gas executives and Bitcoin miner mingled, drank beer and argued. Bitcoin fans, miners, and oil and gas executives talk about the way forward for Bitcoin mining.
One of the main topics of the conversation was the use of residual fuel gas to affect Bitcoin mining equipment, reducing the emissions of ozone-depleting substances and bringing cash to the gas supplier, just like a miner. Implement political influence to guide officials to understand that Bitcoin is also in the plan.
Bitcoin miners are more concerned with finding the lowest cost source of electricity, so Texas: its cryptocurrency adapts to legislators, unleashes energy grids, and most importantly, moderate energy wealth is almost unbelievable. When miners connected their equipment together to give up digging power in some other situations, the association became more friendly because pure natural gas was wasted in Texas oil fields.
The Bitcoin network currently rewards miners with 6.25 Bitcoins per block, plus transaction fees. On average, a new block is added to the chain every 10 minutes, and the return is how a new unit of digital currency enters circulation. As of Friday, the price of Bitcoin was approximately $33,000. Miners are gradually transporting these machines to the oil field, because this is one of the cheapest ways to obtain the required energy.
Oil and gasoline come from similar wells; however, in these locations, drillers are looking for raw oil and there are no pipelines to show natural gas. This usually forces them to consume it in a cycle called an eruption, which causes carbon dioxide to be emitted or directly into the air in the form of methane.
The Petroleum Organization faces pressure from financial supporters and government authorities to reduce radiation that causes dangerous atmospheric drift. Sometimes they provide free gas to cryptocurrency miners; on different occasions, they sell it. Global carbon dioxide emissions from the Bitcoin industry have risen to 60 million tons, which is equivalent to the emissions of about 9 million cars.
Image Credits: CNBC