A Canadian oil company dedicates its untapped energy to Bitcoin mining…Details here

A Canadian oil company dedicates its untapped energy to Bitcoin mining…Details here

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Answer A Canadian oil company dedicates its untapped energy to Bitcoin mining…Details here

According to recent press reports, Bengal Energy, a Canadian-based oil and gas company, will tap energy from untapped gas wells for bitcoin mining.

The company plans to set up 70 bitcoin mining machines inside a portable building (known as a donga) near the Cooper Basin.

Energy Companies Jump into Bitcoin Mining:

Cryptocurrency mining has been a controversial topic for the past several years.

The Bitcoin blockchain network offers rewards to those who verify network transactions.

On the other hand, the process consumes a large amount of energy and can negatively affect the environment depending on the energy source used.

As such, many companies have begun looking for alternative options to power their supercomputers.

Read:Binance seeks a license to operate in Japan 4 years after leaving

According to report Recently released by The Australian, the latest such organization is Bengal Energy, an international oil and gas exploration and production company that has nothing to do with the cryptocurrency sector yet.

Kay Eber Speicher, chief operating officer of Bengal Energy, revealed that the entity plans to jump on the cryptocurrency bandwagon by deploying around 70 bitcoin mining rigs.

Interestingly, the source of electricity will be provided by the untapped gas wells of the company’s partners, such as “Santos Energy” and “Bridgeport Energy”.

Assuming the experiment is successful, Bengal Energy could generate income of between $2,000 and $5,000 per day from bitcoin mining activity, the report said.

Bitcoin miners in the US use waste coal to power their operations.

Another company that uses alternative energy sources for cryptocurrency mining is Pennsylvania-based Stronghold Digital Mining.

Earlier this month, the company pledged to use coal ash left over from power plants decades ago.

Aside from not harming the national electricity system, the Stronghold initiative provides another advantage. Coal ash contains heavy metals and, if not sequestered or extracted from the ground, can contaminate waterways and endanger the health of local residents.

Read:Cryptocurrency exchange Coinsquare confirms it was hacked

Read also:

The Fantom Foundation Announces Plans to Launch a USDB Stable Digital Currency

Crypto project Terra buys another 2,943 Bitcoin to build its stablecoin reserve UST

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