By Marcus Sotiriou, Analyst on the publicly listed digital asset dealer GlobalBlock (TSXV:BLOK).
While Bitcoin hovers round $20,000, Bitcoin mining is turning into increasingly sustainable. It has been reported that round half a dozen Colorado-based fuel and oil firms are teaming up with bitcoin miners as a way to implement gas-to-Bitcoin flare mitigation options. That is after Colorado banned fuel flaring, venting, and the discharge of uncooked fuel into the environment in November 2020.
It has additionally been reported that the expertise used reduces 99.8% of methane in comparison with 93% for conventional flaring, all while the fuel and oil firms are being rewarded with a major quantity of Bitcoin.
As well as, crypto farms in Russia are being provided with electrical energy generated by small energy vegetation, which burn related petroleum fuel (APG). APG is a by-product of the extraction of black gold. This doesn’t price something for oil firms, as they’re required to eliminate APG anyway, however now they’ll earn additional income from APG.
The flexibility for oil and fuel firms to energy Bitcoin miners with by-products of their operations, consequently resulting in extra income while benefiting the atmosphere, is a superb advert for Bitcoin’s future.