MACPOOL BITCOIN MINING FULL

I knew how wasteful it was,' Whitehead told CNBC on the sidelines of the North American Prospect Expo summit in Houston, a flagship event for the industry.

'Growing up, I always saw flares, just being in the oil and gas industry. The process reduces CO2-equivalent emissions by about 63% compared to continued flaring, according to research from Denver-based Crusoe Energy Systems.

MACPOOL BITCOIN MINING FULL

Giga places a shipping container full of thousands of bitcoin miners on an oil well, then diverts the natural gas into generators, which convert the gas into electricity that is then used to power the miners. To these two 23-year-old Aggie alums, it was a big problem with an obvious solution. That is why you will typically see flames rising from oil fields.īeyond the environmental implications of flare gas, drillers are also, in effect, burning cash. But if it's 20 miles from a pipeline, drillers often burn it off, or flare it. Whereas oil can easily be trucked out to a remote destination, gas delivery requires a pipeline. If a drilling site is right next door to a pipeline, they chuck the gas in and take whatever cash the buyer on the other end is willing to pay that day.

For years, oil and gas companies have struggled with the problem of what to do when they accidentally hit a natural gas formation while drilling for oil.

Macpool bitcoin mining