Bitcoin mining can benefit from waste gas flaring
The World Economic Forum has designated flaring and waste methane limitation for Bitcoin mining. But it’s a bit behind the curve as BTC miners are already doing it.
The World Economic Forum (WEF) recently shared a video showing the technology behind gas torch-powered Bitcoin mining.
Industry observers commented that this is unexpected from the international non-governmental lobbying organization that has traditionally been wary of crypto. The video was very vague, describing the mining farms as data centers and not directly referring to Bitcoin.
The publication highlights Bitcoin mining startup Crusoe Energy that uses waste methane to power its farms.
In it, Crusoe CEO and co-founder Chase Lochmiller explained how flaring works and how it can be used.
More Sustainable Bitcoin Mining
He explained that flaring happens in oil fields or landfills where you have a waste stream of gas. The gas is a by-product of oil production or degradation from landfills.
However, some firms burn the gas on site, leading to unwanted carbon emissions.
Crusoe builds and manages mobile, modular data centers. Furthermore, these can be moved to the sources of the exhaust gas and the energy used to power them. Lochmiller highlighted the benefits in the WEF video, saying:
“By doing so, we not only create a massive emissions reduction from this previously wasted energy source, but we can also produce ultra-low-cost computing infrastructure by harnessing this otherwise stranded form of energy.”
The WEF reported that methane is one of the most potent greenhouse gases. In addition, it traps 80 times more heat than carbon dioxide over a 20-year period.
It added that data centers are consuming more and more energy. It is estimated that they will consume 8% of the world’s electricity by 2030, up from 1-1.5% today.
Crusoe is part of the World Economic Forum’s “Innovator Communities”.
Use of gas flaring is increasing
The United States has designated flaring as a renewable energy source for years. In 2021, Republican Senator Ted Cruz called for flaring to solve energy-related problems in Texas, a Bitcoin mining mecca.
At the time, Cruz said:
“I think there’s a huge opportunity for Bitcoin because right now there’s energy that’s just being wasted.”
It is difficult to determine how much energy used for Bitcoin mining is renewable. However, recent research suggests that it is now more than half.
In March, BeInCrypto reported that Bitcoin mining now uses 52.6% sustainable or renewable energy globally. Then, earlier this month, BTC mining energy emissions had dropped to a new low.
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