Tweetstorm - an occasional series where we share a thread of relevance and interest from the torrent that is Twitter!
Satoshi Nakamoto revolutionized the financial industry by creating Bitcoin in 2008. Now Bitcoin miners are in the process of revolutionizing another industry - energy. Here is how they're doing it 👇 👇 👇
There was 419 billion cubic feet of natural gas burned off last year from flaring or venting, according to the Energy Information Administration. No one used it for anything. This total waste is a massive opportunity for bitcoin miners.
An army of mining companies are creating a market for wasted gas to reduce flaring and cut emissions. Here’s what that looks like.
@upstreamdatainc (top L)
@GigaEnergy_ (top R)
@CrusoeEnergy (bottom L)
@GAMdotAI (bottom R)
Mining bitcoin on oil fields isn’t just a fad. Watch this clips from our friends @compass_mining talking to an oil and gas executive who started mining bitcoin to save the economics of his exploration wells. Now @RG_Leachman mines bitcoin full time in Wyoming.
Bitcoin miners are always looking for super cheap energy. Before now, all this wasted gas had a price of $0. Now oil companies earn extra revenue. Miners have ridiculously cheap energy. The planet stays a little cleaner. Everyone wins.
The amount of Bitcoin’s hashrate that comes from oil and gas companies right now is probably less than 10%. But over the next 10 years, these players will dominate mining. If you haven't been paying attention, I would suggest you start now.