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Experts: Texas oil companies could use excess resources for mining

This opinion is shared by some analysts from Wall Street.

22.Apr.18 1:07 PM
By Anna Bezrukova


Experts: Texas oil companies could use excess resources for mining
Some digital currencies apply the PoW (Proof of Performance) algorithm, an agreement that encourages the miners to fight each other for the end of transactions and receiving rewards. One of the striking examples of such an algorithm is the block-network of bitcoin. At the same time mining requires significant energy costs, so miners are concerned continuously about finding places with the cheapest energy consumption.

Given these costs, some experts from Wall Street suggested that oil companies from Texas that burn excess natural gas would use it to generate electricity for mining farms. So, according to experts from Bernstein, the Permian basin by 2025 can extract as much as 25 billion cubic feet of a gas-vapor mixture (as a by-product).

But not only analysts have thought about the alternative use of excess energy resources in the field of crypto-currency. In February 2018, the oil and gas company Iron Bridge Resources from Canada thought about opening a subsidiary company for the processing of natural gas to produce electricity, which would be allowed for mining bitcoin.

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