U.S. oil and gas companies are using unspent energy for bitcoin mining

U.S. oil and gas companies are using unspent energy for bitcoin mining
фото показано с : zycrypto.com

2022-3-30 00:59

Proof-of-Work (PoW) blockchains such as Bitcoin and Ethereum have been under the scrutiny of regulatory agencies because of the high carbon footprint they leave at their pace. PoW blockchains utilize huge amounts of electricity used in computational power to mine transactions and mint new coins.

Amid global warming concerns, oil and gas companies are increasingly under pressure from governments to foster a faster transition to clean energy, for instance, the United States 2030 Greenhouse Gas Pollution Reduction Target, or the European Union’s Green Deal, a paramount policy agenda aimed at transforming the regional economy into a net-zero greenhouse gas emissions by the year 2050. 

Kill two birds with one stone

In what can be classified as a circular economy initiative, the transnational oil and gas company, ConocoPhillips, has been running a program in North Dakota, where the excess natural gas that exits from oil wells is recaptured, afterward, it is deposited into generators that convert the gas into electricity used for bitcoin mining. The solution has been up and running for over a year, and it is estimated that over 18 million cubic feet of gas are reused for crypto mining instead of just burning off. 

It is a win-win for oil companies and crypto miners. For oil companies, recapturing and reusing the natural gas that otherwise is wasted in a process called ‘flaring’ -when the gas is burned to reduce over-pressurizing of equipment-  represents a new business and income stream, whereas for crypto miners it is a reliable source of energy to power their on-site servers.

The winning seems to be for the environment as well. On one hand, flaring is a significant contributor to greenhouse gas emissions including CO2, methane, and others. On the other hand, the mining conversion reduces CO2-equivalent emissions by approximately 63 percent. 

U.S. oil companies and others that might mimic the process will head towards Zero Routine Flaring, cushioning its position on climate change. At the same time, the proscribed PoW mining is reducing its own carbon footprint.

The giant Exxon is following the steps of ConocoPhillips

The largest U.S. oil and gas producer, Exxon Mobil Corp., in partnership with Crusoe Energy Systems Inc. has been piloting the same procedure, planning to expand the scheme to Alaska, and foreign countries including Nigeria, Argentina, Guyana, and Germany.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

POWCOIN (POW) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 POW

pow bitcoin blockchains new pace utilize coins

pow bitcoin → Результатов: 126


Proof of Work vs Proof of Stake: Step-by-Step Mining Guide

Merchants who immediately sell their Bitcoin for fiat currency create downward pressure on the Bitcoin price and that’s no secret. However, the merchants aren’t the only people to blame. The proof-of-work (POW) system used by Bitcoin and other cryptocurrencies fails to create an incentive for miners to hold onto their coins, which means that 3,600 […] The post Proof of Work vs Proof of Stake: Step-by-Step Mining Guide appeared first on CaptainAltcoin.

2022-3-2 02:33


'Ditching' PoW will benefit miners per 'least disruptive' solution by Ripple's Chris Larsen

Mining for Bitcoin is a highly intensive process. It involves heavy computing to verify transactions. The energy demand for mining Bitcoin has grown significantly since 2013. As of 10 December, it reaThe post 'Ditching' PoW will benefit miners per 'least disruptive' solution by Ripple's Chris Larsen appeared first on AMBCrypto.

2021-12-11 00:30


Фото:

Veriblock Reveals Initiative to Recycle Bitcoin’s Energy Consumption by Securing Dogecoin

On Wednesday, the Veriblock project, a blockchain that leverages the implementation of proof-of-proof (PoP) consensus, announced an initiative to secure the Dogecoin blockchain using Bitcoin. The Veriblock Foundation believes the effort counters the hostile ‘Blood Bitcoin’ narrative in regard to recent environmental concerns over proof-of-work (PoW).

2021-5-28 22:30


Charles Hoskinson: Cardano’s PoS Consensus Protocol is ‘1.6 Million Times More Efficient Than Bitcoin’

In a recent interview, the IOHK CEO spoke on the climatic impact of BTC mining and how Cardano is different in its approach. Cardano Is 1. 6 Million Times More Energy-Efficient Than Bitcoin Mathematician and former co-founder of Ethereum blockchain Charles Hoskinson said in a Forbes interview that Bitcoin’s proof-of-work (PoW) consensus algorithm is energy-intensive due […] The post Charles Hoskinson: Cardano’s PoS Consensus Protocol is ‘1.

2021-4-27 15:37


Best Bitcoin Mining Pools 2021 in Review (+ Fee Comparison)

Mining is a crucial part of any Proof-of-Work protocol and is integral in maintaining the decentralized, secure nature of a blockchain. Bitcoin employs a typical PoW algorithm which has miners maintaining and verifying the network, making sure that the network is secure, democratic, immutable, trustless, and in theory more scalable than the average centralized database.

2021-1-11 19:52


Doomsday Clock Nears Midnight, Time to Buy Bitcoin?

The Doomsday Clock is now closer than its ever been in its 73 year history to spelling out the total destruction of mankind. Surely it must be Bitcoin o’clock now?  The world’s experts sound the alarm Amid the rumors that Bitcoin and other Proof of Work (PoW) cryptocurrencies are unsustainable drains on the environment which consume too many resources, The Bulletin of Atomic Scientists has updated the famed Doomsday Clock to 100 seconds closer toRead More The post appeared first on Bitcoinist.com.

2020-1-26 05:00


Best Bitcoin Mining Pools 2020 in Review (+ Fee Comparison)

Mining is a crucial part of any Proof-of-Work protocol and is integral in maintaining the decentralized, secure nature of a blockchain. Bitcoin employs a typical PoW algorithm which has miners maintaining and verifying the network, making sure that the network is secure, democratic, immutable, trustless, and in theory more scalable than the average centralized database.

2020-1-3 23:06


Фото:

Beam, BCH, BTC, Zcash to Halve Inflation Next Year

There’s been a lot of noise about Bitcoin’s halving, set to occur in May, and the effect this will have on price as BTC’s mining reward is slashed. It’s not the only PoW coin gearing up for a major reduction in its emission rate next year, with Bitcoin Cash, Beam, and Zcash all set to […] The post Beam, BCH, BTC, Zcash to Halve Inflation Next Year appeared first on Bitcoin News.

2019-12-9 21:35