Again. It is where they are located that matters.
Grocery stores, restaurants and individuals throw away perfectly good food. Because the cost to collect and get it to those needy is prohibitive. Its a shame but it is also reality.
Exxon Weighs Taking Gas-to-Bitcoin Pilot to Four Countries
- Thread starter johnarb
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Grocery stores, restaurants and individuals throw away perfectly good food. Because the cost to collect and get it to those needy is prohibitive. Its a shame but it is also reality.
Up here in the Frozen North they throw food away because the health regulations won't allow them to give it away.
There has to be some kind of civilization close to where they are flaring. I'll bet there is some kind of regulation or subsidy or monopoly that prevents producing cheap power.
Prolly nothing? ;-)
https://www.bloomberg.com/news/arti...taking-gas-to-bitcoin-pilot-to-four-countries
Exxon Weighs Taking Gas-to-Bitcoin Pilot to Four Countries
- The oil giant launched its Bakken crypto pilot in January 2021
- Miners are pushing to use ‘flared’ gas to power operations
Source: Bloomberg
By
Naureen S Malik
March 24, 2022, 8:38 AM PDT
Exxon Mobil Corp. is running a pilot program using excess natural gas that would otherwise be burned off from North Dakota oil wells to power cryptocurrency-mining operations and is considering doing the same at other sites around the globe, according to people familiar with the matter.
The oil giant has an agreement with Crusoe Energy Systems Inc. to take gas from an oil well pad in the Bakken shale basin to power mobile generators used to run Bitcoin mining servers on site, said the people, who asked to not be named because the information isn’t public. The pilot project, which launched in January 2021 and expanded in July, uses up 18 million cubic feet of gas per month that would have otherwise been burned off -- or flared -- because there aren’t enough pipelines.
Exxon, the largest U.S. oil producer, is considering similar pilots in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany, one of the people said.
“We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations,” and Exxon expects to meet the World Bank’s call to end routine flaring by 2030, spokeswoman Sarah Nordin said in an email. She declined to comment on “rumors and speculations regarding the pilot project.”
Crusoe declined to comment.
Oil and gas producers are increasingly under pressure from regulators and investors to reduce their carbon footprint to help combat climate change. That includes reducing the amount of gas they flare. At the same time, there is a rush of miners trying to use cheap gas in oil producing fields to fuel their operations. The gas is still burned, releasing carbon dioxide into the atmosphere, but the energy is put to use instead of simply being wasted.
Last month, ConocoPhillips said that has been supplying gas from the Bakken shale in North Dakota to a Bitcoin mining firm for the first time.
Shale oil produces so much excess gas that it ends up being vented into the air or burned off. Natural gas is comprised mostly of methane, a global warming agent that is more than 80 times more powerful than carbon dioxide during its first two decades in the atmosphere. North Dakota, Colorado and Wyoming are among the first places to use crypto mining to slash methane emissions.
That is a use, they are smart and helping us with the hash rate of Bitcoin. It's their power and they should decide what needs to be done with it, not you.
I think you asked these questions before...
Yes a waste, but it's the lesser evil of letting the gases escape
It's too costly to transport or utilize
https://www.cnbc.com/2021/09/04/bitcoin-miners-oil-and-gas-execs-talk-about-natural-gas-mining.html
"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. 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. “There’s no choice. There’s no middle finger. Whatever gas comes out that day has to be sold,” explained Haby.
But if it’s 20 miles from a pipeline, things start to get more complicated.
More often than not, the gas well won’t be big enough to warrant the time and expense of building an entirely new pipeline. If a driller can’t immediately find a way to sell the stash of natural gas, most look to dispose of it on site.
One method is to vent it, which releases methane directly into the air – a poor choice for the environment, as its greenhouse effects are shown to be much stronger than carbon dioxide. A more environmentally friendly option is to flare it, which means actually lighting the gas on fire.
“Chemistry is amazing,” explained Adam Ortolf, who heads up business development in the U.S. for Upstream Data, a company that manufactures and supplies portable mining solutions for oil and gas facilities. "
Can you imagine all these companies get on the Bitcoin train at highs and then it does a Enron. It is like tullips in 1600's.
https://en.m.wikipedia.org/wiki/Tulip_mania
Gullible people buy into dreams.
Don't matter to me, I will make money up or down in futures and hedge.
https://en.m.wikipedia.org/wiki/Tulip_mania
Gullible people buy into dreams.
Don't matter to me, I will make money up or down in futures and hedge.
So again what is the typically size fill for your 150 eMini lot positions?
So a bitcoin miner is going to move out to the oil patch and set up camp. Doesn't he need internet access. What about social life or can this all be done remotely.
I don't know.
All I know is that is where the gas flares are - that are going to waste.
But I would assume that yes, move out there, access net via sat connection and mine away.
As for social life aren't bitcoin miners geeks?
