Crypto industry and majorly the Bitcoin (BTC) mining has been criticized many times. Recently, there have been a lot of comments related to the upcoming BTC halving which is next month. Amid all of this, Marty Bent who is a podcaster has appreciated mining surprisingly. According to him, BTC mining actually helps in reducing the waste in the Oil and Gas (O&G) sector.
As per his blog post, he has been mining bitcoin since last year with an American company named Great American Mining (GAM). He has also said that in mining bitcoin, he has been using the excess gas in place of the mining oil.
Bitcoin miners have always been looking for a cheaper alternative to do mining, the O & G sector is emerging to be an ultimate solution. GAM has been using waste byproduct as a crypto mining energy source for BTC mining. Bent has also specified that there is not any need to use warehouses or other storage options for mining. The ordinary shipping containers can also do the same work as warehouses and huge steel structures.
Not only GAM, but other crypto firms are also seen using the same technique. Few of the Canadian companies have been using this technique for bitcoin mining at a very reduced cost.
For quite some time it has been noticed that bitcoin mining is getting more expensive by passing time. The annual electricity consumption for mining has been estimated for 73.374 TWh by the Bitcoin network. This increase in the cost of mining will also lead to greater energy consumption. Due to this, the miners have started moving towards other alternatives to reduce the overall mining cost.
According to Marty Bent, there is a need for geographical distribution in mining. Among all the countries, China is the leading one in the mining of the cryptocurrency. It can also emerge as a great economic opportunity for the O&G sector of the U.S.
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