Are Canadian Oil Companies Mining the Next Big Trend?
Playing the booster for economic growth around the world for years mining for oil is a non-digital form of currency that has completely changed the face of the economy over centuries although mining for Bitcoin is an added feather in the hat of the economy and is entirely different from a typical traditional non- digital activities.
There might be few shared similarities in both oil and Bitcoin mining but have much difference in the principle concept. The Canadian oil field has come up with an extremely unlikely partnership in which Bitcoin is a byproduct of oil.
Natural Gas to Power Bitcoin Mining Operations
A Bitcoin mining operation is been held by the Canadian oil field operators who are using the wasted natural gas to cash out the cryptocurrency. This natural gas is produced from the mining of petroleum and is a waste.
These oil fields have oil-related industrial machinery, shipping containers that are used to extract the natural gas produced during the mining of petroleum and send it to an electrical generator that is further used to power a Bitcoin mining operation.
Not like the other oil mining companies or oil fields, this Canadian oil mining field has come up with a way that offsets their operational costs with the use of waste. Generally, these natural gases are wasted by other mining fields, but this Canadian oil mining field is employing a byproduct of oil mining that is profitable plus one of a kind.
Being one of a kind idea to use natural gases to convert into electricity and further using it to mine cryptocurrency is itself commendable. During the years the market supply has so much increased that the prices for natural gas have also touched the sky. Being said that there are very few ways to utilize these natural gases and generate profit but this Bitcoin mining operation has topped the list with flying colors.
Wall Street Journal, Stephen Barbour said, “I knew about all the wasted energy that goes on… Reading about bitcoin mining and how it could monetize energy through the internet, I just thought that was unbelievable.”
Barbour is a consultant who works with oil mining companies to lower their operational costs and is the person behind the idea of using natural gas to mine Bitcoins. Barbour says he read and researched about the potential profitability of mining Bitcoin which sparked the idea of using natural gas.