Bitcoin Miners Are Changing The Energy Industry: Here Is How T | CryptoSoul

Bitcoin Miners Are Changing The Energy Industry: Here Is How They Are Doing It

Bitcoin has had far-reaching consequences, almost single-handedly changing the world’s financial landscape. The asset class has the energy industry in its sights and is set to bring a wave of innovation through mining.

Mining Bitcoins On Oil FieldsBitcoin maximalist Anthony Pompliano in a tweet to his 1.1 million followers drew attention to the innovative way Bitcoin was changing the energy industry. They achieve this by mining bitcoin on oil fields and making practical use of natural gas that is often flared. Bitcoin miners are taking advantage of the opportunity to prevent energy waste and giving value to a commodity that has no real use.

“There was 419 billion cubic feet of natural gas burned off last year from flaring or venting, according to the Energy Information Administration. No one used it for anything. This total waste is a massive opportunity for bitcoin miners,” says Pompliano. However, in recent times, Bitcoin miners are taking advantage of this source of energy, “creating a market for wasted gas to reduce flaring and cut emissions.”