Utilizing stranded gas to power bitcoin mining rigs at oil and gas wells is a promising business opportunity. It is profitable for all participating parties and beneficial for the environment. Not without challenges, this young industry is growing in energy-rich North America. Several companies are working to expand the niche and U.S.-based EZ Blockchain shared details about their progress.
Also read: Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well
When Markets Are Far
Oil production has certain byproducts, one of which is natural gas. When drilling sites are located in remote places, oil companies are often forced to flare or even vent the fuel into the atmosphere as transporting it to markets is rarely a cost-effective option. Selling it close to the well or using it onsite, on the other hand, can be a solution, provided there are consumers nearby.
EZ Blockchain is a Chicago-based company designing and building datacenters that can mine cryptocurrencies based on proof-of-work blockchains. It…