Did you know that Bitcoin mining reduces Oil Companies’ carbon footprint? Here’s why!
The world is waking up to the environmental damage caused by the human race. With the clock ticking, more innovation and ideas are needed to mitigate harmful gases and reduce our carbon footprint.
So, it is nice when something that often divides opinion, such as cryptocurrency, can benefit everyone. In this instance, Bitcoin mining can potentially reduce the carbon footprint of oil drilling companies in remote locations.
These developments may not only help the planet, but they could also advance the cause of crypto in new ways and see an even faster rate of people wanting a Bitcoin wallet from trusted providers like Luno and/or signing up to a crypto exchange.
What Is the Problem?
Although we need a world that runs off renewable energy sources, making that happen is not easy when the infrastructure to obtain traditional energy sources (such as gas and oil) is already in place and so much cheaper.
When oil is extracted from the ground, a bioproduct known as natural gas is also extracted. This gas is wasted because drilling firms do not know what to do with it or how to get it to buyers within budget. Instead, it is released into the atmosphere (within their legal limit), harming the environment.
The biggest problem here is not that the gas cannot be recycled and used for something else but that oil drilling usually occurs in remote locations. It is impossible for oil drilling companies to transport this bioproduct because they have not developed the logistics to do so—and because it is cost-efficient.
Bitcoin Mining as the Solution
Getting this natural gas to buyers is impossible, but you could always bring people to these drilling locations to take it from them. This helps the drilling company because they can operate easily within their legal limit of gas flaring (releasing it into the atmosphere).
No company is going to travel to remote locations, collect the gas, and return it to its company. Still, Bitcoin mining farms could head to these locations and set up camp alongside drillers to utilize the gas they would have released.
The gas will then be used to power mining farms, which saves energy like electricity and has a subtle side benefit. Many crypto fans have vented frustration that Bitcoin mining has become a centralized activity in an industry built on decentralization. Spreading mining operations across the same remote locations where oil firms work could re-decentralize crypto mining.
Overall, the idea benefits oil firms, the crypt community, Bitcoin miners, and the whole planet.
Final Thoughts
Since the release of Bitcoin, like Crypto Head, as a peer-to-peer payment method, nobody could have expected how many altruistic and environmental uses it has embraced. More innovation and ideas like these can help promote crypto and its uses to a mass audience.
