Bitcoin mining to harness onsite natural gas emissions: Ark Invest
Data from a recent Ark Invest report highlights another utility for Bitcoin (BTC) mining in the realm of sustainability and energy.
According to the findings, there is enormous potential to transform methane emissions into energy for Bitcoin mining, which, in turn, will turbocharge solar and wind-generated electricity at onsite wells.
Important research from @skorusARK on #Bitcoin’s potential role in transforming methane emissions into bitcoin mining that will turbocharge electricity generated by solar and wind. @skorusARK https://t.co/6cgxGHNcJZ
Annual gas flaring emissions equal 140 billion cubic meters, along with an additional 125 billion cubic meters in annual methane emissions. Therefore, left untouched, this means 265 billion cubic meters of natural gas emissions are wasted yearly. However, an analysis of the methane needed for the current Bitcoin hashrate stands at only 25 billion.
While harnessing the entirety of the emissions is impossible due to the oil industry’s preexisting flaring operations investments, capturing methane is a viable and early solution. Ark Invest’s Sam Korus tweeted that over half of all vented methane occurs onsite at wells. This makes the location a prime spot for mining to capture such emissions and productively employ them.
Additionally, instead of the methane being vented, it would be able to generate electricity at rates far below what mining companies currently pay.
Recently the mining industry has been showing signs of increased energy efficiency and a pivot towards sustainability.
Last week the Bitcoin Mining Council released its Q2 review of the network. It revealed the industry’s use of sustainable energy is up 6% from the same quarter in the previous years. In conclusion to their
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