Crusoe Energy raises $505 million to mine Bitcoin with excess flared gas

Crusoe Energy raises $505 million to mine Bitcoin with excess flared gas (by bit4you)

The disadvantages of Crusoe Energy’s mining process

Some analysts believe that such “natural gas mitigation” measures are nothing more than “false solutions,” and that they will stay such as long as oil is utilized to achieve them. According to Arvind Ravikumar, a researcher at the University of Texas, the entire system is a hoax that might lead to incentives to consume fossil fuels as well as greater drilling. Finally, he noted that this strategy still necessitates the use of natural gas.

The oil and cryptocurrency mining

Indeed, Crusoe’s technology is currently placed in 86 oil production wells where associated gas is mined. The establishment of these mining facilities is a win-win situation: Crusoe generates bitcoins, while oil firms avoid burning related gas, paying taxes on it, and causing an outcry from environmentalists. The revenues will also be used to speed the launch of CrusoeCloud, a cloud platform powered by co-gas as well as a range of renewable energy sources. The firm intends to grow from 157 to 250 personnel by the end of the year. Exxon Mobil announced in March that it was expanding a pilot program to mine cryptocurrencies using companion gas.

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BIT4YOU.io

BIT4YOU.io

bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.