How Bitcoin mining on natural gas works
Natural gas flaring continues to be the only viable solution for most OAG companies to dispose of immovable gas, and even a colossal investment in infrastructure would still carry the risks of methane leakage with the transport of that natural gas.
For years, building new infrastructures and exploring new methane-reducing technologies put OAG companies between a rock and a hard place with no foreseeable return on investment. Over the last ten years, the United States oil and gas industry (OAG) has become one of the world’s top gas flaring countries, right behind Russia, Iran, and Iraq.
In roughly the same 10 years, a revolution has taken place in global currency, seemingly on the opposite end of the market. The invention of Bitcoin—the first cryptocurrency—created a new industry and revolutionized the tech in many unanticipated ways. In addition, Bitcoin mining hit the scene.
Now, Bitcoin and cryptocurrency mining could transform the OAG industry, starting with the complete eradication of natural gas flaring.
Bitcoin mining process
Bitcoin natural gas is the gas processed on-site at OAG companies to power the energy requirements of a crypto mining box. Bitcoin mining powered by flared natural gas has been a recent and rapid solution. Now, Bitcoin miners bring mobile data centers to the OAG fields and convert the stranded gas on-site into the electricity that powers cryptocurrency mining. This involves a series of processes that take place in a mobile electric generator within cryptocurrency data centers. Indeed, Bitcoin mining containers have come in to change everything for OAG companies with stranded gas.
Also, fracking, which revolutionized OAG drilling with heightened efficiencies, also releases higher quantities of natural gas more quickly, which means more loss. Fracking and excess natural gas can also mean a more profitable partnership with Bitcoin miners. The Wesco Operating case study where the EZ Smartgrid Flaring Mitigation System was installed, for example, reduced flaring from 240,000 SCF per day to 0.
OAG companies don’t want to release natural gas into the atmosphere or flare it away. Instead, OAG drillers want to sell this commodity on a market just like they sell their oil. Thus, Bitcoin (BTC) to gas has become the new solution of the future.
This is why the development of mining containers like the EZ Smartbox has taken a turn for the highest-tech and highest-quality designs. All the data centers are also fully scalable to consume any vent or flare gas volume and are totally modular in nature.