A new project installed in the city of Casper, Wyoming, United States, is using excess natural gas to power a Bitcoin mining operation.
As reported by the media specialized in the oil industry, OilCity News, last year three local entrepreneurs formed the company Highwire Energy Partners, using the excess gas production in Wyoming for this purpose.
The company not only takes advantage of the gas that would otherwise be wasted, but also the facilities and equipment, which are not currently being used for mining. The company’s headquarters are located in the town of Evansville, part of the Casper metropolitan district.
As the image above shows, the company built mobile units that contain the Bitcoin mining equipment. These units are connected to the main power generator, which is powered with residual natural gas from its production.
The units are made of fiberglass and measure about 4.27 square meters, and contain between 70 and 90 ASIC equipment, specialized hardware to execute the Proof of Work (PoW) of Bitcoin.
Entrepreneurs are correct in saying that the waste of natural gas, a petroleum derivative, thus becomes a profitable and more environmentally friendly. The company points out that power generators also have chemical catalysts that reduce the amount of pollution remaining from gas consumption.
Bitcoin mining, an alternative for the environment.
According to a report by the specialized media Oilman Magazine, published in December 2020, the world production of natural gas It has been increasing progressively for a few years.
Due to the Covid-19 pandemic, which, according to its sources, has reduced gas consumption, the price in the international markets of this raw material has fallen drastically.
This situation, where production increases, prices fall, and there are no resources or incentives to store and p rubbing enormous amounts of gas for a long time, has led to release the gas into the atmosphere, polluting the planet .
Thus, mining Bitcoin, an operation that consumes a lot of electrical energy, is an activity that manages to use the surplus of gas production in Wyoming in a profitable and effective way.
Generally, electricity to supply mining farms is very expensive , unlike what this company is doing with natural gas.
“The trick of Bitcoin mining everywhere is to find an economical source of energy ”, assured Will Reese , one of the founding partners of the company, to the Oil City News portal.
“I think one of the most beautiful things about Bitcoin is that the network can monetize energy in itself, energy that other markets are not using efficiently at the moment. ”
Will Reese, so cio and founder of the company Highwire Energy Partners.
Reese assured that they are also exploiting other facilities in Wyoming for this purpose, as well as preparing to use the surplus of natural gas in a facility that was abandoned in the state of South Dakota, at a very low cost.
Environmentally conscious Bitcoin mining spreads across the world
As we reported in CriptoNoticias, specialists believe that mining Bitcoin is a positive activity for the environment , as it contributes to reducing emissions of methane gas, one of those responsible for the greenhouse effect and climate change, according to the majority consensus of the scientific community.
Likewise, this medium in formed about the intentions of the Russian state oil company (Gazprom) to implement this same method for Bitcoin mining, profiting from excess natural gas in the same way .
Although the majority of Bitcoin and cryptocurrency miners are geographically located in China, this trend seems to be reversing, given the emergence of opportunities in other parts of the world.
Countries such as Canada and the United States are competing strongly in this regard, although in the southern hemisphere, Paraguay is one of the countries interested in providing electricity to Bitcoin mining. In that case, energy generated in a major hydroelectric plant in the Latin American country.