Bitcoin

Flare

Crypto mining is turning to <a href="https://ultramining.com/news/en/360-mining-raises-financing-for-natural-gas-production-and-capacity-expansion/" rel="noopener noreferrer nofollow">associated gas</a>, a byproduct of oil drilling, for power. Sergii Gerasymovych, CEO of EZ Blockchain, believes this could reduce CO2 emissions, according to <a href="https://www.coindesk.com/consensus-magazine/2023/07/24/ghost-from-the-well-is-crypto-mining-with-associated-gas-better-for-the-environment/" rel="noopener noreferrer nofollow">coindesk</a>. 
One oil well can generate 1.5 megawatt of electricity continuously. However, converting this gas into power is expensive and inconsistent. Despite these challenges, Gerasymovych sees potential in using energy that would otherwise be wasted. 
Critics argue that this practice perpetuates the use of fossil fuels. They believe that the extra revenue from Bitcoin mining could incentivize oil and gas companies to drill new gas wells solely for mining. 
Gerasymovych disagrees, stating that the incentives are not strong enough to drive widespread adoption among oil producers. He believes that Bitcoin mining with associated gas deserves support, not criticism, as it addresses an environmental issue. 
However, environmentalists like Greenpeace argue that mining is a "false solution" to the fossil fuel pollution problem. They insist on the need to drastically reduce emissions, rather than finding ways to make use of them. 
In conclusion, the debate on whether crypto mining with associated gas is beneficial or harmful to the environment continues. The consensus remains elusive as the industry grapples with the environmental implications of its practices. 
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Crypto Mining with Flare Gas: A Green Solution or Environmental Setback?

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