Zero Routine Flaring Brings Opportunity for Cryptocurrency
Many national (US) and international organizations have made calls and are implementing initiatives to end routine gas flaring. Routine gas flaring is a practice that is considered wasteful by burning flare gas also known as wellhead gas to remove it from drilling and mining sites. While flaring gas is considered a better option than venting gas, it is still considered harmful to the environment due to the release of CO2, black carbon, excess methane that wasn’t burned off during flaring, and other pollutants into the atmosphere.
In efforts to reduce and eventually eliminate the practice of gas flaring, organizations have made plans to involve governments, oil & gas companies, as well as construction and development companies to take part in reducing the practice of flaring gas and eventually eliminate it altogether.
While this would be no easy endeavor, there are many steps being taken to implement this practice. These initiatives are being taken to not only mitigate the harmful effects of these emissions on climate change, but to also be able to capitalize on harvesting this valuable resource versus burning it off and letting it go to waste.
First includes regulations that limit corporations from flaring gas and monitoring how much gas is flared throughout a period. Second is developing new technology and implementing existing technology that can harvest or utilize the natural resources instead of flaring it. Some technology like small scale portable modular natural gas plants, modular natural gas compression systems and mini gas to liquid plants are becoming increasingly employed solutions.
While there are benefits can be experienced by government, oil & gas industry companies, and development companies, there is also an opportunity that arises from this initiative for smaller end users and budding companies such as companies that focus on mining cryptocurrency and looking for cheaper energy alternatives for running their miners. This new window of opportunity can be considered beneficial for many involved, as it can be an additional avenue in which to reduce natural gas flaring.
So how does mining for cryptocurrency come into play?
It has become an increasingly popular trend for cryptocurrency miners to create a mobile cryptocurrency mining container that enables cryptocurrency users to work with companies and organizations that come across many methane gas pockets when drilling to extract crude oil. These mobile containers store cryptocurrency miners or super computers configured to mine for cryptocurrency.
Equipped with a cooling system to keep the equipment running in optimal temperature, they are powered by natural gas generators. These containers are configured with pipes and additional equipment, such as fuel separators that remove water and other debris from the methane gas and some come with compressors that pressurize the methane before it feeds into the natural gas generator to achieve a more steady power output. Methane gas combusted within a natural gas generator result in no release of methane emissions and turns completely into carbon dioxide emissions versus flaring gas which still releases methane into the atmosphere. This is seen as a more environmentally friendly option while capitalizing on stranded gas or wellhead gas pockets that are revealed during crude oil extraction.
This also provides companies and organizations a means to not only reduce and eventually eliminate any gas flaring, but can also bring an additional profit stream from cryptocurrency miners by partnering together.
So what about other types of industries where flare gas is prevalent?
Like with crude oil fields, similar application is being used for old, defunct coal mines that are being converted into cryptocurrency mining centers to provide cheap wellhead gas to power natural gas generators that power the cryptocurrency miners with many oil & gas companies and companies within the energy sector to look for opportunities to partner with cryptocurrency miners to conduct these operations. Additionally, companies that focused in shale mining have also followed suite in converting mining locations to be converted into cryptocurrency mining centers.
As regulations force companies to change and adapt, new opportunities that keep companies in adherence and produce beneficial results can be made with a little bit of innovation.
While reducing gas flaring, lowering emissions, and making use of otherwise useful natural resources is great, it is important to note that as this trend continues to grow, it will be increasingly difficult to partner with companies on this innovative front.
If you’re a cryptocurrency miner looking to partner with companies that have ample flare/wellhead gas, be sure to touch base oil & gas companies that may have open opportunities, but most importantly – be sure to research what is required to effectively benefit from the partnership. This especially pertains to the type of equipment and amount of gas supply required.
There is a lot involved when putting together a mobile cryptocurrency mining container from calculations to components to the actual buildout. If you’re looking for a good place to start, learn more about what they are and how they work here: What Are Mobile Cryptocurrency Mining Containers?
If you have any questions or would like to learn more, then feel free to reach out to us at Woodstock Power Company.
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