While reducing oil field emissions by 63 percent. 💰 engineering
Earning large amounts of money from mining cryptocurrencies is no surprise but cryptocurrency mining is an extremely energy-consuming process. Bitcoin mining consumes more than 125 terawatt-hours a year, more than all of Argentina’s annual consumption, according toFlare gas is burned by oil drillers when they hit a natural gas formation while drilling for oil.
Upon noticing this immense loss of energy, Brent Whitehead, an engineer from a family of oil and gas producers, and Matt Lohstroh, a finance major and a Bitcoin enthusiast, combined their wealth, accumulated from lawn care and landscaping, and co-foundedThe company places its mining rigs, which are in a shipping container, on an oil well and then divert the natural gas into generators to power their mining rigs.
Giga, despite being a young company, has 11 employees and already signed deals with over 20 oil and gas companies, and is in talks with sovereign wealth funds.The Texan partners reduce the CO2-equivalent emissions by about 63 percent compared to continued flaring with their idea,“Growing up, I always saw flares, just being in the oil and gas industry. I knew how wasteful it was,” Whitehead
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