Bitcoin Mining and Oil Production, a Winning Combination?
A vehicle warehouse in Houston, Texas, served as meeting point for several oil producers and bitcoin miners last week. They gathered to examine the possibilities of on-site mining that Texas energy producers could bring for them. The meetup, that happened in a vehicle warehouse in Houston, served as a point of encounter to examine these possibilities. Oil wells that are not so big to build pipelines into their operations usually burn the natural gas pockets encountered on site.
While the smaller oil wells usually burn the natural gas pockets, Bitcoin mining can provide a solution. It is possible to use the natural byproduct to power generators that would power micro mining operations in these wells. This setup is a clear win-win for stakeholders. Miners and oil producers will have financial advantages while the environment benefits from not having the gas released into the atmosphere.
One of the people organizing, Parker Lewis, spoke to CNBC and said:
“I just knew Houston would be prime to explode because of the energy connection to mining, if we organized a good meetup.”
A Texas oilman and Bitcoin miner, Hayden Griffin Haby III, an excellent example of the merging of two worlds, said that when he heard about this winning combination, he just could not stay away from it:
“When I heard that you could make this much money for gas instead of just burning it up into the atmosphere, thanks to the whole ‘bitcoin mining thing,’ I couldn’t look away.”
Haby also commented on what calls the “Chexit”, the exodus of miners from China this spring and called it “an opportunity we didn’t think was coming.”
Since then demand is already rushing to Texas, and it looks that the state is eager to capture most of the Chinese hashrate looking for a new home on crypto friendly territory.
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Author: Peter Siu