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MIDDLE EAST OIL PRODUCERS MOVE TOWARDS CRYPTO MINING SHAKE HANDS WITH CRUSOE ENERGY

MIDDLE EAST OIL PRODUCERS MOVE TOWARDS CRYPTO MINING SHAKE HANDS WITH CRUSOE ENERGY

Crusoe this week announced OIA and Mubadala each part of the $ 350 million funding cycle that closed in April. "This investment will strengthen Crusoe's efforts to expand internationally as it works to align the future of the computer with the future of climate change," according to a statement sent to CoinDesk by the company.


As part of the expansion, the Denver-based miner will soon open an office in Oman's capital Muscat and Abu Dhabi soon. Crusoe will start by hiring two or three office workers and about eight employees, CEO and co-founder Chase Lochmiller told CoinDesk. Lochmiller expects the use of driver-level technology in one location in each country by the first half of 2023.


Although he did not comment on the size of the investment by the two nations, Lochmiller acknowledged that the figures were "meaningful." The expansion of Crusoe-approved digital flare-cutting programs is establishing the company as the first bitcoin gas miner in the Middle East and North Africa (MENA), he added.


Crusoe currently has a number of mobile sites throughout the U.S., as well as a customer system that includes power producers Devon Energy (DVN), Kraken Oil & Gas, Enerplus (ERF) of Canada and possibly Exxon (XOM), when it was reported that Crusoe was working on a pilot project. the use of flammable gas to boost the functioning of bitcoin mines in the North Dakota oil spill.


'A global crisis'

In the combustion process, excess natural gas is heated into the atmosphere as part of the oil drilling operations. It has become a common practice in the industry due to the lack of transport infrastructure. The process is under environmental scrutiny, however, U.S. President Joe Biden has promised to cut off methane emissions from oil and gas operations.


It’s not just a problem in the U.S. but "a global problem with global impact," said Lochmiller, who said the MENA region is responsible for more than 38% global warming by 2020. Oman accounts for about 1.8% or 2,517 million. cubic meters of that output, while the United Arab Emirates is estimated at 0.7% or 955 million cubic meters.


Using this flammable waste gas to dig up digital assets has become quite popular among the crypto and energy industries. Stakeholders point to win / win reductions in carbon emissions while empowering mining equipment.


“We are excited to expand our Digital Flare Mitigation technology in the Middle East to help solve the region’s burning challenges, while empowering a new generation of digital technologies in the region,” Lochmiller said. "Both OIA and Mubadala have recognized the importance of technology to reduce Crusoe 's digital emergence and how it can provide a flexible approach to reducing pollution and bringing new technologically empowered industries to the country," he added.


"It is our hope that these two areas could be the starting point for further international growth in the region," Lochmiller continued, noting the neighbors of Oman's MENA and Abu Dhabi - Saudi Arabia - among them - face similar challenges.

Source: yahoo




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