BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

The Viral Oil Well Bitcoin Mining Video

BlockNews Team by BlockNews Team
October 10, 2022
in Business, Crypto, Social, Technology
Reading Time: 4 mins read
A A
Bitcoin-Mining
1
SHARES
16
VIEWS
Share on TwitterShare on Reddit

Matt Lostroh, the co-founder of Giga Energy, a natural gas Bitcoin mining firm, posted a video of a mining rig converting gas into Bitcoin on Twitter in February. The footage in East Texas showed a mining machine on an oil well. The device was on land that was previously deforested.

You might also like

Crypto Exchange GMX Proposes Deployment to Coinbase Blockchain

Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates

Crypto Flourishes in Vietnam with 16.6 million Holders

Bitcoin: Initiated pic.twitter.com/baB58FKw6T

— Matt Lohstroh (@lohstroh) February 8, 2021
Via @lohstroh – Twitter

The video went viral, receiving several reactions and comments, most of them about the mining process destroying the planet and causing pollution. However, according to Matt Lostroh, this is not the case, as explained.

More attention has shifted towards cryptocurrency mining, especially after the effects that accompany it. According to Lostroh, Giga Energy’s mining technique is not entirely ‘green,’ nor does it ultimately affect climate change. Instead, it is exploiting a quirk in a faulty system to transform waste into profit cheaply.

Proper fossil fuels still harm the environment; however, Lostroh’s firm clearly indicates that these dirty sources still power a considerable part of the Bitcoin network.  

Bitcoin Mining Turns Waste Into Profit

Giga Energy is doing things differently while mining bitcoin; it is not extracting fossil fuel to mine Bitcoin. Instead, as Lostroh explained;

 “What we’re doing is saying, hey, that’s wasted—how about we come in, take that natural gas off your hands, get rid of the headache, and monetize that resource?”

This is because some gas is emitted when oil passes through a pipeline out of the ground. The emitted gas is methane, which is environmentally unsafe, especially if it leaks out unfettered. The ‘flare stack’ changes methane to CO2, which, although less harmful to the environment than methane, is still dangerous.

#Bitcoin: Initiated #Methane 🔥 : Elimmated pic.twitter.com/RnUr7QAhCT

— Documenting Bitcoin 📄 (@DocumentingBTC) October 9, 2022
Via @DocumentingBTC – Twitter

This is where Giga energy comes in; the firm siphons the otherwise wasted resource and uses it to mine bitcoin instead of extracting more for a specific purpose. Lostroh believes he is not polluting the environment. Instead, he is using the wasted energy by changing methane to point to power the mining rig. 

Per Lostroh’s explanation, the flame fails to burn efficiently and can reduce to 30% combustion of the gas on a windy day. This releases the rest of the air into the environment.

 “It’s just bad for the environment, “So we come in, and we’re able to get 98 percent combustion with our generators,” Lostroh said.

 Cheap Power Options to Mine Bitcoin

According to experts, mining Bitcoin with electricity speeds up climate change. One Bitcoin transaction equals enough mining energy to power an average American home for a week. 

Therefore, companies look for new sustainable options like burning tires to mine. Additionally, sometimes these cheaper options may entail looking for things to exploit in power systems like hydro, which is what Giga Energy is doing. What Giga is doing also coincides with the White House report on Bitcoin Mining and the environment. 

These options would have caused people to calm down, especially about cryptocurrency mining concerning environmental pollution. However, the outrage towards Matt Lostroh’s video shows that people are still not convinced about some cryptocurrency mining techniques.

Tags: BitcoincryptoCrypto MiningMining
TweetShareShare

Recommended For You

Crypto Exchange GMX Proposes Deployment to Coinbase Blockchain

by BlockNews Team
March 22, 2023
0
gmx exchange

GMX, a decentralized derivatives exchange, has received community approval to deploy the protocol on Coinbase's (COIN) recently announced layer2 blockchain, Base. GMX community members have expressed support for...

Read more

Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates

by BlockNews Team
March 22, 2023
0
bitcoin price

Bitcoin price has been on a notable uptrend, rising 43% in a span of two weeks. The US banking crisis worsens and could claim First Republic Bank as...

Read more

Crypto Flourishes in Vietnam with 16.6 million Holders

by BlockNews Team
March 22, 2023
0
vietnam crypto

Vietnam has emerged as a key player in the international cryptocurrency market, with about 17% of its population possessing digital currencies. Bitcoin is the most popular digital currency,...

Read more

Crypto Twitter Thinks the Fed’s $297B Balance Sheet Expansion Is ‘QE’, but It’s Not

by BlockNews Team
March 22, 2023
0
crypto twitter

The most recent rise in the central bank's balance sheet, according to some analysts, is not as obviously stimulative as the one that came after COVID-19. The US...

Read more

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

by BlockNews Team
March 22, 2023
0
xrp

Coinbase could relist the XRP token if Ripple wins the ongoing lawsuit against the SEC. The exchange will initiate the relisting process immediately after the court pronounces itself...

Read more
Next Post
NFT Sales

The Past 30-Day NFT Sales Are 88% Lower Than They Were 8 Months Ago

Related News

Blockchain-University-1

Best Universities for Blockchain In 2022

September 30, 2022
binance

Binance Gains Court Approval To Acquire Voyager Digital

January 12, 2023
State Regulators Shut Down Flamingo Casino Club for NFT Scams

State Regulators Shut Down Flamingo Casino Club for NFT Scams

June 9, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Crypto Exchange GMX Proposes Deployment to Coinbase Blockchain March 22, 2023
  • Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates March 22, 2023
  • Crypto Flourishes in Vietnam with 16.6 million Holders March 22, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?