Bitcoin and Its Benefit in Surplus Natural Gas

In some regions of the world whose main industry is extracting oil, there has been much gas as a byproduct in the process of extraction which was formerly assumed useless since there was no market to apply them. Now startups’ innovation in using this natural gas to mine Bitcoin seems a profitable way to employ this excess energy. 

Bitcoin and Its Benefit in Surplus Natural Gas
Bitcoin and Its Benefit in Surplus Natural Gas

An outstanding activity in the field of protecting environment and saving more energy is again offered by some startups. 
In some regions of the world whose main industry is extracting oil, there has been much gas as a byproduct in the process of extraction which was formerly assumed useless since there was no market to apply them. Now startups’ innovation in using this natural gas to mine Bitcoin seems a profitable way to employ this excess energy. 
The long history of using natural resources and owning required infrastructures to extract them show that they cannot be ignored in the economy; besides, they are cheaper than renewable energies, therefore some startups have decided to use this surplus energy to mine Bitcoin. 
On the other hand, especially in the U.S. and Canada, because of uncontrollable amount of gas released to the atmosphere the authorities of these country restricted it and the procedure of limiting this surplus gas is costly. 

How Can Mining Bitcoin Help Manage This Gas Efficiently?


The services offered by some companies onsite is using gas engines to generate electricity. They have two major benefits; first saving the environment from increasing greenhouse gas and second, mining rewards which can lead to significantly higher income than when the companies sell their products directly.
One of these startups is Upstread Data, a Canadian company which claims to have a revenue 15 times more than when the gas itself was sold. Its CEO, Stephen Barbour has recently tweeted about their to-do projects and this measure helped finding more legitimacy in their activities. 
EZ Blockchain is a Chicago-based company with a mobile mitigation system to mine digital coins using gas. It has 13 mobile units and is now working in cooperation with an oil company in Bakken region. Its CEO believes that it can be a good chance to develop crypto-mining especially in North America.
Generally, taking the fact that this industry is conservative and winning its trust takes time, all these measures need a reasonable amount of time too.  Besides that they require investment in the field of equipment necessary for gas generation. In addition, these kinds of companies should be prepared to solve unpredictable challenges this new industry might have including maintenance.
 

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