Inspenet, June 29, 2023.
Until recently, oil producers were forced to incinerate toxic methane waste emissions, releasing large amounts of this greenhouse gas into the atmosphere. According to data from the Texas Railroad Commission, more than 5 billion cubic feet of gas were flared in that city in 2021 alone.
Now there is a cost-effective solution to flaring that is accepted by both government and industry.
By harnessing the large volume of wasted gas as an on-site fuel source, oil and gas operators can offer this gas to Bitcoin miners to power their mobile data centers, thus turning flaring costs into a source of profit. . This approach eliminates a significant source of carbon emissions and is beneficial both for the environment and for oil and mining companies.
MinerBeast: a help for oil and gas companies
MinerBeast is at the forefront of helping oil and gas companies monetize their wasted gas, turning polluting emissions at production sites into a sustainable revenue stream while eliminating flaring.
As a partner of Electricity Club, a leading energy purchasing company since 2011, MinerBeast facilitates the connection between oil and gas operators and qualified Bitcoin mining companies, as well as providing carbon credit services, financial models and specialized knowledge. .
This month, the company launched its new online platform, MinerBeast.com , which offers a flue gas guide, gas mining videos and e-learning courses.
In recent times, the trend to phase out the flaring of natural gas during oil production has increased; This is fueled by new pressure from oil companies like Exxon, insurers like Chubb, and state regulators.
This trend has been timely, as the Texas Senate and House of Representatives recently passed HB-591, which gives tax breaks to oil and gas operators when gas is used near the well (for example, to feed oil centers). of Bitcoin mobile data), instead of being burned.
MinerBeast President Eakin, who was previously awarded the Entrepreneur of the Year Award in the energy sector by Ernst & Young, says that “Bitcoin mining has the potential to significantly reduce massive flare gas emissions, as the Gas that is typically flared in wells can be used profitably to power data centers for mining.”
Gas waste and pollution
Gas waste generated by oil operators represents a significant challenge from an economic and environmental point of view. Each year it is estimated that a substantial amount of valuable natural gas is flared or released into the atmosphere during oil production.
This practice not only results in the loss of a valuable resource, but also contributes to the emission of greenhouse gases and environmental pollution. Faced with this problem, MinerBeast promises to be an innovative solution to profitably monetize and take advantage of gas waste instead of inefficiently disposing of it.
The implementation of technologies, business models and platforms that turn gas waste into sustainable sources of income can be an effective strategy to address this problem and promote a more efficient and responsible energy industry.
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