Arcane Research recently released a screenshot, which shows that in order to influence the Bitcoin mining operation, the publicly traded energy firm, Equinor, has been leveraging natural gas flaring.
Lately, Bitcoin miners have started using the unorthodox gas flaring scheme for mining Bitcoin.
Equinor Operating In 30 Countries
The Norwegian state-owned energy company released a notification announcing its partnership with Crusoe Energy Solutions to mine bitcoin.
In today’s time, Stavanger-based publicly listed firm, Equinor, is being operated in more than 30 countries.
The screenshot revealed by Arcane Research shows that the aim behind this collaboration between Equinor and Crusoe in North Dakota is to reduce flaring from oil operations through Bitcoin mining.
In recent times, natural gas flaring has become very important for the energy systems because, with the help of it, miners maintain the exploration and processing of oil from shale.
Some of the crypto analysts in the space believe that flaring is not only wasteful but also offensive to its environment.
However, the fact could not be ignored that soon after a gas well is drilled for production testing, flaring is being used in order to maintain safety.
Flare Gas System Managed Wasted Gas
According to a report, a flare gas system is an approach that helps an individual to manage those wasted gas, which can neither be processed nor captured, efficiently.
But, the report also notified that in recent years, despite wasting precious energy, companies like Upstream Data and Greenidge Generation use it in an excess amount to mine bitcoins.
While talking about the Equnior and Crusoe Energy Solutions’ partnership, the project leader, Lionel Riberio, stated, “Mining cryptocurrency requires a lot of electricity to power computers, while a valuable commodity is wasted, and carbon emissions are created when we flare.”
He further stated that despite wasting money on the market expenses, they could link the inverse pains, in this way, they would be able to decrease the gap between the source of energy production and final energy consumption.