The large energy company Equinor plans to use Crusoe Energy Solutions for Bitcoin mining to reduce carbon dioxide emissions created by oil fields.
Companies that extract “black gold” often simply burn the surplus natural gas that is often generated in oil fields. Equinor plans to use this gas to generate electricity, which will be sold to Cruse Energy Solutions for Bitcoin mining. Mining farms will be installed right at the oil production sites.
First, bitcoin mining farms will be installed at the Bakken field, which produces about 20,000 tons of CO2 annually from burning natural gas. The use of gas to mine Bitcoin will also help fulfill the initiative of the World Bank to reduce gas flaring in fields by 2030.
“Cryptocurrency mining uses a lot of electricity to power equipment, while a valuable resource is wasted, and a lot of carbon dioxide is generated during combustion. We can solve both problems without too much cost,” said Lionel Ribeiro, Project Manager.
We remind that earlier, Crusoe Energy Systems managed to raise more than $70 million in two rounds of funding to develop systems for mining Bitcoin using surplus natural gas.
