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200 oil and gas executives and bitcoin miners mingled on a residential back street of Houston

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Rushali Das Follow

INDIA

Sep, 11 2021

Sep, 11 2021

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Several gas assets were discussed that night as a way forward for bitcoin miners to deal with their increasing electricity and energy usage requirements.The backstreet is a 150,000 square-foot warehouse that safeguards high-end vintage cars.

Hayden Griffin Haby III, formerly a surface landman, has been mining bitcoins for the last nine months. Haby has co-founded a company that allows for the bitcoin mining setups with flared, vented, and stranded natural gas assets.

When the Chinese government had banned crypto mining rigs this past spring an interesting confluence of events occurred. This event could result in an influx of Chinese crypto-miners in Houston in order to make use of the novel energy resources. 

Bitcoin miners are eagerly on a hunt for cheap energy. Hence, the deregulated power grid coupled with Texas’s inexpensive power sources provides them with a perfect fit.

Parker Lewis is a proponent of bitcoin and an Executive at Unchained Capital, a bitcoin financial services firm. He was a key figure in linking Texas’s energy generation capability with bitcoin miners. He has envisioned Texas becoming the bitcoin capital of the world. He has also been travelling across Texas to spread knowledge and awareness about bitcoin.

Methane combustion to mining energy generation:

If the pipeline for delivering the gas was located close to the drilling site, the gas could be sold on the same day. But if the drilling site is 20 miles away from the pipeline, then it’s not easy to sell the gas.

If the gas is vented into the atmosphere, it has detrimental effects. externally igniting the gas is known as “flare.”, which release CO2 and H2O in place of CH4 methane, and this process is 75% to 90% efficient. 

On-site feeding of methane can also be done through an engine or generator. This will allow 100% of methane to be combusted and this option is the most economically one.Bitcoin miners get cheap energy in either case.


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Rushali Das

CBW - External Analyst

INDIA

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