Photo Credits to Cointelegraph
Crusoe Energy is playing a vital role in making the oil and gas industry more environmentally friendly. The company is spearheading the use of flare gas to fuel cryptocurrency mining. The flare energy helps operate ASIC devices that are critical in mining operations. The recent massive acquisition of Crusoe Energy from Great American Mining (GAM) will provide Crusoe with 10 MW capacity and 4,000 ASIC mining devices. This growth will further benefit the region by connecting Crusoe with large-scale energy producers in the Bakken.
When flaring natural gas, oil and other hydrocarbon streams are unavoidable. Every hydrocarbon stream that is flared instead of captured for another use is a waste of energy and money.
With Crusoe Energy’s innovation, a company that is dealing with excess flare and hydrocarbon streams can not only reduce pollution caused by flaring, but also generate revenue from selling mined tokens as well!
According to Todd Garland the CEO and founder of GAM,
“Our belief at Great American Mining is that bitcoin mining is an important solution to stranded gas and flaring problems – problems that have frustrated the oil & gas industry’s efforts to improve environmental performance and efficient use of Earth’s natural resources for decades.”
According to Crusoe, the recent acquisition that GAM’s assets add is “approximately 9% to Crusoe’s capacity.” The company will have 125 flare gas-powered modular data centers on the site and it will help “reduce flaring by approximately 20 million cubic feet per day.” This truly is a win-win outcome for the company, the oil and gas industry, and the environment.
The Proven Realty team is honored to work with Crusoe Energy in their real estate transactions as they dive further into the ever-growing oil and gas industry in the Bakken. We can’t wait to see what is next for this innovative company.
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