While a number of media experts and politicians are discussing the energy use of Bitcoin, there are companies working on green solutions before all the controversy arises. Unfortunately, the critics did not emphasize the amount of renewable energy or the use of combined cycle power. One project called EZ Blockchain has partnered with Texas oil and gas provider Silver Energy to monetize wasted natural gas with bitcoin while reducing emissions.
Make Money From Stuck Gas and Reduce Emissions With Bitcoin
A company called EZ Blockchain recently gave details. This is how the company has partnered with Silver Energy, a Texas-based oil and gas provider. as specified by the company The team installed Silver Energy’s first mining facility at the company’s location in Alberta, Canada, in February 2021.
After Microbt Whatsminers was installed, EZ Blockchain said the project consumed about 1 megawatt of power. “Processing from 250 MCFd of natural gas trapped using an electric gas generator” company blog post.
“Today, oil and gas producers are increasingly using Bitcoin mining in their oil fields as part of their ESG policy,” Sergii Gerasymovych, co-founder and CEO of EZ Blockchain, said in the report. Gerasymovych added:
The massive power consumption of Bitcoin mining can solve the environmental problems caused by gas flares and wells. As Silver Energy is an oil and gas company, the EZ Blockchain works naturally together.
Natural gas is a byproduct of oil extraction and oil carriers have to catch fire or use the gas in some other way. The World Bank estimates that 5.3 trillion cubic feet of natural gas is released into the atmosphere every year.
The EZ Blockchain production line designs and manufactures a mobile data center that functions as a flare reduction system. The company said the silver energy project took three days to build and was fully operational by March 2021.
“We have been privileged to work with EZ Blockchain in the past year. Their contribution to making our mines work is invaluable. It saved us countless hours and maximized uptime,” explains Joel Gordon, President and CEO of Silver Energy.
According to EZ Blockchain’s website, the company has expanded slightly since it began operations in 2017 and now has headquarters in Chicago, LA and Estonia. To date, EZ Blockchain has 35 megawatts of production and installations and more capacity. 20 megawatts
The company isn’t the only company producing mobile bitcoin mining data centers, as Canada’s Upstream Data business also offers a gas-tethered solution. It also offers similar crypto mining solutions for oil and gas producers.
What do you think about EZ Blockchain partnering with Silver Energy to mine bitcoin with surplus gas? Let us know what you think about it in the comments section below.
photo credit: Shutterstock, Pixabay, Wiki Commons, EZ Blockchain
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