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Oil drillers and Bitcoin miners bond over natural gas | Hellenic Shipping News Worldwide


Oil drillers and Bitcoin miners bond over natural gas
On U.S. oil patches stretching along the Rockies and Great Plains, trailers hitched to trucks back up toward well pads to capture natural gas and convert it on the spot into electricity.
The trailers – carrying pipes, generators and computers – are called “mining rigs.” But their owners aren’t there to drill for oil. They are using stray natural gas unwanted by oil companies to power their search for another treasure: cryptocurrencies like Bitcoin.
Cryptocurrencies are virtual coins exchanged without middlemen, such as central banks, to purchase goods and services. Extracting the currency from cyberspace, however, requires vast amounts of often-expensive electricity. Supercomputers must run constantly in a race against other “miners” to solve complex math problems in order to unlock digital vaults holding the currency. ....

United States , New York , Great Plains , Rocky Mountains , New Mexico , North Dakota , Andrew Logan , Cully Cavness , Donald Trump , Laila Kearney , Mark Le Dain , David Gaffen , Haley Thomson , Elon Musk , Julie Marquis , Steve Degenfelder , Dale Patten , Kraken Oil Gas Partners , Us Senate , Crusoe Energy Systems Inc , Validere Technologies Inc , Tesla Inc , Canada Enerplus Corp , Kirkwood Oil , North America , Refinitiv Eikon ,

Oil Drillers, Bitcoin Miners Bond Over Natural Gas


Oil Drillers, Bitcoin Miners Bond over Natural Gas
Laila Kearney
May 21, 2021
Credit: millenius/AdobeStock
On U.S. oil patches stretching along the Rockies and Great Plains, trailers hitched to trucks back up toward well pads to capture natural gas and convert it on the spot into electricity.
The trailers - carrying pipes, generators and computers - are called “mining rigs.” But their owners aren’t there to drill for oil. They are using stray natural gas unwanted by oil companies to power their search for another treasure: cryptocurrencies like Bitcoin.
Cryptocurrencies are virtual coins exchanged without middlemen, such as central banks, to purchase goods and services. Extracting the currency from cyberspace, however, requires vast amounts of often expensive electricity. Supercomputers must run constantly in a race against other “miners” to solve complex math problems in order to unlock digital vaults holding the curr ....

United States , New York , Great Plains , Rocky Mountains , New Mexico , North Dakota , Andrew Logan , Cully Cavness , Donald Trump , Laila Kearney , Mark Le Dain , David Gaffen , Haley Thomson , Elon Musk , Julie Marquis , Steve Degenfelder , Dale Patten , Kraken Oil Gas Partners , Us Senate , Crusoe Energy Systems Inc , Validere Technologies Inc , Tesla Inc , Canada Enerplus Corp , Kirkwood Oil , North America , Refinitiv Eikon ,