TD₿: Bitcoin is Revolutionizing the Legacy Energy Industry by John Vallis with Marty Bent and Steve Barbour
TL;DR Bitcoin mining offers oil and gas producers a more economical solution to reduce their emissions while becoming more efficient in the process.
Hey Bitcoiners,
Crusoe Energy Systems made news today when it announced the acquisition of Great American Mining. Under the terms of the agreement, this acquisition will add an estimated 9%, or more than 10 MW (~4,000 ASIC machines), to Crusoe’s operational capacity. It will also add commercial relationships with several large-scale energy producers throughout North Dakota and Montana.
After closing a $350 million Series C equity offering last Spring, Crusoe Energy Systems is well-positioned to take advantage of the current mining landscape.
Many miners are struggling as their profit margins are being squeezed from all angles. With hash rate and difficulty at all-time highs, electricity prices rising across the world, the price of ASICs falling, and average transaction fees low, these miners are facing challenging times.
This means that only the most efficient operators will survive this bear market and will ultimately grab market share and reap the rewards. Crusoe has proven itself as a leader in the industry, having led the way with its Digital Flare Mitigation systems, and they even partnered with oil giant ExxonMobil to run its Bitcoin mining pilot program.
It is estimated that after this recent acquisition, their capacity will help reduce an estimated 800,000 metric tons of CO2-equivalent emissions per year, primarily through mining bitcoin with methane gas that would otherwise be flared.
This news comes as the EPA recently released a report that overall methane emissions from U.S. oil and gas production are about 10% higher than previous EPA estimates. An EPA standard calls for flares to burn methane with 98% efficiency. The study put the flares’ efficiency at about 91%. This is where Bitcoin mining can help.
Bitcoin mining represents an innovative solution to this problem. Crusoe Energy Systems estimates that per $1,000 investment, their Digital Flare Mitigation system is the most economical way to reduce emissions compared to wind and solar solutions.
Give this podcast with Marty Bent and Steve Barbour a listen to learn more about how Bitcoin mining can help revolutionize the legacy energy industry. (10/05/2020)
Bitcoin mining companies like Crusoe Energy Systems are leading the way to help further the symbiotic relationship between oil and gas producers and Bitcoin mining that will ultimately help them be more efficient and reduce their emissions.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Right now in Wyoming, Bitcoin companies are using flared methane from natural gas operations to power their computers. They are keeping methane out of the atmosphere while actively mining Bitcoin.” - Senator Cynthia Lummis, U.S. Senator from Wyoming
Job of the Day
Zetta is seeking a seasoned and hands-on Bitcoin mining Operations Manager to lead and oversee our new 16MW Bitcoin mining site located in Grover, NC. Are you interested in getting your hands dirty while helping to secure the Bitcoin network? Then this is the opportunity for you!
Not your particular skillset? Check out all the Bitcoin jobs at bitcoinerjobs.com.
Featured Event
Wednesday — today is the first day of The Atlanta BitcoinConference (TABConf) in Atlanta, GA! TABConf is an event for building communities, providing education, and supporting developers. It aims to be the most inclusive, organic, grassroots event possible for Bitcoin. Buy your ticket and/or head there to attend all the cool side-events!
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Meme of the Day
(h/t @LeylaZBB)