Bitcoin Forum

Crew Energy, the first publicly traded oil company to credit #Bitcoin mining for their recent reduction of emissions.

#Bitcoin makes the world more energy efficient.


Source : https://twitter.com/DocumentingBTC/status/1438568151759867920

& https://esg.crewenergy.com/esg-profile/environment/ghg-emissions/

This is beautiful. So they used the vented emission, which is otherwise wasted, to power "11" Bitcoin mining data centers. Wonder how many miners each of them hold?? And this is with the base year of 2019 so they are doing it for almost 2 years now. 11 Bitcoin mining setups with only 6% reduction in emissions. That must be a lot of power.

It is pretty wasteful to vent all that natural gas but if there was a safe way to do it, the companies would have probably done it. Making it safe would require a much larger investment. If that energy is used to mine Bitcoin, that could offset some of the costs of initial setup too. Utilizing Vented emissions is a small industry in itself. Almost every equipment, plant and process that generates or uses Natural gas, will inevitably vent methane from valves, tanks, compressors. The aim is to utilize those emissions in a better way. It is good that running a miner becomes one of the motivations to improve these processes and technologies resulting in profitability as well as GHG reduction.

Many companies and even countries vent all this natural gas in this way, and thus a lot of wasted energy that is not utilized.
If they do some careful calculations, they may be able to mine well, but the problem remains in the cooling, which will consume a large part of the energy.

Overall, it would be great if they reduced greenhouse gas emissions and made some profits from mining.