Crusoe bitcoin mining farm to be powered from excess natural gas

In this post:

Crusoe bitcoin mining farm will go live soon. The Denver based Crusoe Energy Systems deals in converting natural gas to computing solutions. The new bitcoin mining facility will be its latest gas-powered project in the crypto realm.

The company plans to launch seventy (70) units of one megawatt (MW) capacity each on the United States soil. This project will be funded by seventy million dollars ($70M) fund that was raised by the company recently.

Chief Executive Officer of Crusoe, Chase Lochmille, explained that the company recently conducted two successive funding rounds. First one yielded thirty million dollars ($30M) and the second one bought in forty million dollars ($40M). Both the rounds involved investors including Polychain Capital, Bain Capital Ventures, Winklevoss Capital and The KCK Group.

Crusoe bitcoin mining farm to solve gas flaring issue

Gas flaring issue is a huge problem for the energy companies. Excess extracted gas is burnt off by the gas companies as they do not have appropriate pipeline capacity to transport it. This phenomenon wastes a significant amount of energy for no reason. Data suggests that around four hundred ninety-seven billion (497B) cubic feet of natural gas is wasted in flaring every year in the United States alone.

Crusoe bitcoin mining farm will be powered by the excess gas generated on its facility. It is a highly creative way to use waste gas and put it to good use for high-performance computing. In a way, two environmental and economic problems are solved simultaneously. The company plans to deploy forty Digital Flare Mitigation systems in 2020. These systems can be scaled to operate at much larger capacities meaning they can reduce flaring many times over.

Bitcoin mining farms becoming commonplace in the USA

The United States could be next China when it comes to operating mining farms on its soil. Recently, a one hundred (100) acre mining farm was launched in Texas jointly by Northern Bitcoin AG and Whinstone US Inc. A fifty (50) megawatt farm was recently launched in Texas by Bitmain, a Chinese company.

Texas, and the USA, in general, has lots of space and resources to set up a mining farm. So, when entities like Crusoe bitcoin mining farm are planned, they have adequate resources to power up their operations. Also, a better regulatory environment in the USA means that mining farms are more trustworthy and transparent in their operations.

Image Source: Pixabay

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Mark Cuban Gmail hacked
Subscribe to CryptoPolitan