While a lot of media commentators and lawmakers have been debating Bitcoin’s energy use, a slew of companies have been working on green solutions even before the uproar. Regrettably, opponents ignore the quantity of renewable energy used by mines or the cogeneration applications. EZ Blockchain has teamed with Silver Energy, a Texas-based oil and gas service company, to use bitcoin to monetise wasted natural gas while lowering emissions.
A business called EZ Blockchain just announced that it has teamed with Silver Energy, a Texas-based oil and gas business. According to the corporation, the team established Silver Energy’s first mining site in February 2021 at the business’s Alberta, Canada location.
The project consumed roughly 1 megawatt of electricity when the Microbt Whatsminers were installed, according to EZ Blockchain. According to the company’s blog post, all of the electricity is “processed from 250 MCFd of stranded natural gas utilizing a gas-electric generator.”
“Today oil and gas producers are implementing Bitcoin mining in the oil field as a part of their ESG policy more often,” the cofounder and CEO of EZ Blockchain, Sergii Gerasymovych said in the report. Gerasymovych added:
Bitcoin mining’s enormous power consumption can solve environmental problems caused by gas flaring and leaking wells. Since Silver Energy is an oil and gas service company, it was a natural symbiosis for EZ Blockchain to work with them.
Natural gas is a byproduct of the extraction of oil, and oil companies must either flare it or utilise it in another manner. According to the World Bank, 5.3 trillion cubic feet of natural gas is flared into the sky each year.
The manufacturing production line at EZ Blockchain creates transportable data centers that serve as flare mitigation systems. The Silver Energy project, according to the business, took three days to build and was fully operating by March 2021.
“We’ve had the privilege of working with EZ Blockchain over the last year. Their support in getting our mine up and running was invaluable, saving us countless hours and maximizing uptime,” Joel Gordon, Silver Energy president and CEO explained.
According to the EZ Blockchain website, the firm has grown significantly since its inception in 2017 and currently has offices in Chicago, Los Angeles, and Estonia. EZ Blockchain has produced and deployed 35 megawatts of power, with another 20 megawatts in the pipeline.
The company isn’t the only one making mobile bitcoin mining data centers; Upstream Data, a Canadian startup, also provides stranded gas solutions. Crusoe Energy Systems, a company situated in the United States, also provides crypto mining services to oil and gas companies.