EZ Blockchain Turns to Bitcoin to Monetize Excess Natural Gas
Chicago-based crypto-mining firm EZ Blockchain has revealed an ongoing partnership with Texas gas company, Silver Energy, to use excess natural gas to fuel bitcoin mining operations. The two companies hope to drastically scale back the energy consumption required for crypto mining, while also reducing carbon emissions.
Bitcoin and other cryptocurrencies have spiked in popularity over the last year, yet many users are still unaware of the massive amounts of energy required to keep crypto operations going. By taking advantage of Silver Energy’s excess gas, EZ Blockchain can fuel mining operations with fuel that would otherwise be wasted, and would contribute to the rise in atmospheric pollution.
The collaboration officially began with the first mining site being launched in Alberta, Canada in February of this year, becoming fully operational a month later.. Silver Energy reported that the site was able to generate 1 megawatt of power, all while using excess gas that was harnessed through a 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. “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.”
The project appears to be a “two-birds-with-one-stone” solution, by providing fuel for an important economic powerhouse, while also reducing a negative byproduct of natural gas extraction. Research finds nearly 5.3 trillion cubic tons of natural gas is fed into the atmosphere every year.
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Edited by Maurice Nagle
