Oil producers and Bitcoin miners have congregated in a vehicle warehouse in Houston, discussing about the possibility of on-site crypto mining opportunities. Since Texas is the US’ third-largest net energy supplier, Bitcoin miners could benefit from the abundant energy supply provided by the producers in the region.
Bitcoin mining provides a better solution to oil wells burning the natural gas pockets found on site. The power generators that feed micro mining operations in each well could make use of the natural gas. This arrangement provides mutual benefits to miners and producers, as well as significantly reducing the environmental burden due to not having to release the burned gas into the atmosphere.
Hayden Griffin Haby III, who is both a Bitcoin miner and an oilman, stated that he could not pass up on joining the Bitcoin bandwagon as soon as he understands the return of a bitcoin mining operation.
When I heard that you could make this much money for gas instead of just burning it up into the atmosphere, thanks to the whole ‘bitcoin mining thing,’ I couldn’t look away.
Hayden Griffin Haby III
Texan oil producers aim to attract the Bitcoin mining companies that have been forced out of China due to the crackdown and are still looking for new locations to resume their operation.