Podcaster Marty Bent Embraces A Solution For Oil Companies and Bitcoin Mining
Podcaster Marty Bent Embraces A Solution For Oil Companies and Bitcoin Mining
April 16, 2020
Podcaster Marty Bent Embraces A Solution For Oil Companies and Bitcoin Mining
Podcaster Marty Bent Embraces A Solution For Oil Companies and Bitcoin Mining
April 16, 2020

Podcaster Marty Bent embraces a solution for Oil and Gas Producing companies and Bitcoin Mining. In an April 15 blog post, Bent revealed that since last year he had been mining Bitcoin with the Great American Mining (GAM) company, using excess gas formed as a byproduct of mining oil to power the rigs. 

He states that Bitcoin miners are always looking to find cheap and abundant energy sources. O&G companies, particularly those in jurisdictions that force producers to halt production when they reach certain emissions levels, are looking to be as efficient and profitable as possible.

Currently, the best alternative that may bring additional revenue for these particular energy producers is to attempt to turn the wasted gas into a natural gas liquid that can be transported via truck and sold to the market.

Bent says that Bitcoin fixes all of this by providing a digital pipeline.

ALSO READ :  Huobi Chain's Testnet Now Live For Public Beta Testing

Bent said there was no need to use warehouses or to build any kind of fancy steel structures to mine Bitcoin when stacked ordinary shipping containers would do the same thing: 

“You’re seeing a trend now, where even centralized locations are adopting. Instead of building like a large warehouse and doing all the infrastructure, they’re actually using the container model as the way to build on site…. a year or so ago, that wasn’t the case at all. And now you’re seeing very, very large places, you know, stack 40, 50, 60 containers… it’s just cheaper to do it that way.”

Deploying a bitcoin mining operation is a much larger net benefit which are becoming unprofitable. Brent says GAM uses gas normally disposed of as a waste byproduct or sold off sometimes at a loss into a crypto mining energy source:

“If designed correctly, containers filled with bitcoin miners have far superior uptime and are 5x more profitable (on average) than sending the gas to a pipeline to sell. The container that we currently have up and running has experienced +95% uptime.

Bent believes that Bitcoin needs to be further distributed geographically from a mining perspective and O&G companies need to be less wasteful and more profitable. This means it can potentially help to invest in or campaign for the creation of a chip fabrication on the North American soil. This further aides in the geographical distribution of Bitcoin and reducing overall risk

ALSO READ :  Chinese Officials From Ya'an Supports Renewable Energy For Cryptocurrency Mining

Official Source: TFTC | Image: Pixabay

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.