Some of the gas companies in Canada use natural gas for Bitcoin mining, an efficient monetization method for wasted production.
Francis Pouliot, BTC Bitcoin CEO of Canada’s mining company BTC, explained the process on Twitter:
“Today we visited a gas company in Alberta. It has implemented a Bitcoin prototype using natural gas. Bitcoin solves a massive problem for 1,000 probe owners. There is an overwhelming demand to generate money from the illiquid energy generated by wasted natural gas. “
Today I visited an Alberta gas company that has been prototyping Bitcoin mining operations with trapped natural gas, too expensive to sell on the grid. Bitcoin solves a massive problem for 1000s of gas well owners. There is overwhelming demand to monetize trapped illiquid energy.
– Francis Pouliot ☣️ (@francispouliot_) July 11, 2019
Natural gas for Bitcoin mining
Given that prices have fallen over the years, economic operators are not clinging to collecting and transporting natural gas. The gas should be removed to maintain pressure from the wells. This aspect means that most of the time the gas is burned continuously.
Gas companies can choose another option. Installing ASICs for Bitcoin mining and using natural gas to power equipment.
This new use strengthens the idea that Bitcoin’s operation acts as a ‘last-resort buyer’. A report by Coinshares revealed that renewable energy accounts for more than 74% of Bithoin’s total mining activity.
The exploitation of cryptomonas stimulates companies to look for more efficient methods of using resources that would otherwise be wasted.
With the nearing half of the reward in 2020, miners are trying to get a greater share of the total hash potential. As a result, the Bitcoin hash rate has increased astronomically, exceeding over 70 TH / s.