Although many media experts and politicians have been talking about Bitcoin’s energy consumption, before all the disputes, there were countless companies working on green solutions. Unfortunately, critics did not emphasize the amount of renewable energy used by miners or cogeneration. A project called EZ Blockchain partnered with Texas-based oil and gas service provider Silver Energy to use Bitcoin to monetize wasted natural gas while reducing emissions.

Use Bitcoin to monetize gas and reduce emissions

A company called EZ Blockchain recently detailed that it has partnered with Texas-based oil and gas provider Silver Silver. According to the company, the team installed Silver Energy’s first mining farm at the company’s location in Alberta, Canada in February 2021.

After installing Microbt Whatsminers, EZ Blockchain stated that the power consumption of the project reached approximately 1 MW. The company’s blog post stated that all power was “processed with a gas retention capacity of 250 MCFd using a gas generator.”

EZ Blockchain settings on the Silver Energy website.

Sergii Gerasymovych, co-founder and CEO of EZ Blockchain, said in the report: “Oil and gas producers are increasingly implementing Bitcoin mining in oil fields as part of their ESG policy.” Gerasymovych added:

The huge power consumption of Bitcoin mining can solve the environmental problems caused by natural gas burning and well leakage. Since Silver Energy is an oil and gas service company, the cooperation between EZ Blockchain and them is naturally a symbiotic relationship.

Natural gas is a by-product of oil extraction, and oil suppliers must either burn natural gas or use natural gas in other ways. The World Bank estimates that 5.3 trillion cubic feet of natural gas is burned into the atmosphere every year.

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The manufacturing line of EZ Blockchain has designed and manufactured a mobile data center that can be used as a flare mitigation system. The company said that the construction of the Silver Energy project took three days and was fully operational by March 2021.

“In the past year, we have been fortunate to work with EZ Blockchain. Their support in getting our mine into operation is invaluable, saving us a lot of time and maximizing uptime.” Silver Energy President And CEO Joel Gordon (Joel Gordon) explained.

According to data from the EZ Blockchain website, the company has undergone considerable expansion since its establishment in 2017, and is currently headquartered in Chicago, Los Angeles and Estonia. So far, the EZ blockchain has produced and installed 35 MW, and there are more than 20 MW in production.

The company is not the only company that produces mobile bitcoin mining data centers, because the Canadian business Upstream Data also provides solutions for stranded gas. In addition, Crusoe Energy Systems based in the United States also provides similar encryption mining solutions for oil and gas producers.

What do you think of the cooperation between EZ Blockchain and Silver Energy to mine Bitcoin with excess gas? Let us know your thoughts on this topic in the comments section below.

Tags in this story

Bitcoin, Bitcoin mining, Canada, data center, EZ blockchain, natural gas, mining facilities, mining equipment, natural gas, oil, oil well, power generation, stranded gas

Picture Credits: Shutterstock, Pixabay, Wiki Commons, EZ Blockchain

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