Texas-based Giga Profits $4M by Mining Bitcoin from Oil Drilled Natural Gas

time:2022-02-13 00:00 source:Internet

Brent Whitehead and Matt Lohstroh in Texas, USA, are mining bitcoin from natural gas drilled for oil. Their company, Giga, places a shipping container full of thousands of bitcoin miners on top of an oil well, diverting the gas to a generator that converts the gas into electricity, which is then used to power the miners. According to research by Denver-based Crusoe Energy Systems, the process reduces CO2-equivalent emissions by about 63 percent compared to continuous combustion. Whitehead said they have signed deals with more than 20 oil and gas companies, four of which are publicly traded. Giga also said they are also in talks with sovereign wealth funds and that they are expanding rapidly. Giga's 11-person team will add six more employees this month.

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