In today's world, energy issues have always attracted much attention. Canadian natural gas companies have attracted widespread attention for their unique and innovative initiatives. They convert waste gas into treasure and realize the reuse of resources. At the same time, they cooperate with Bitcoin mining to contribute to the development of green energy. This move not only caused a sensation in the energy industry, but also set an example for the combination of environmental protection and economic benefits.

This innovative move by Canadian Gas creates a win-win situation for waste utilization. Exhaust gas is a pollution to the environment, but with the careful design of this company, exhaust gas has become a treasure. Through advanced technical means, they successfully extracted useful components from the exhaust gas and realized resource recycling. This innovative concept not only achieves energy self-sufficiency, but also converts waste into valuable resources, setting an example for environmental protection.

Bitcoin mining has once again become a dark horse in the energy industry. In the past, Bitcoin mining has often been blamed for energy waste, but now, with an innovative partnership with Canadian natural gas companies, Bitcoin mining is taking on a new lease of life. By utilizing clean energy provided by natural gas companies, Bitcoin mining has achieved a green transformation, significantly reducing its reliance on traditional energy and setting a new example for the sustainable development of the energy industry.

The success of this cooperation model not only brings economic benefits to Canadian natural gas companies and Bitcoin mining, but also points out a new development direction for the global energy industry. Through technological innovation and cross-border cooperation, traditional energy industries and emerging industries can achieve a win-win situation and contribute to the realization of the vision of green energy. The successful experience of this innovative initiative is also worthy of reference by other countries and companies to jointly promote the development of the global energy industry in a more environmentally friendly and sustainable direction.

In the end, the success of this innovative cooperation allowed us to see that environmental protection and economic benefits are not contradictory. Through technological innovation and win-win cooperation, efficient utilization of resources can be achieved and lay a solid foundation for the future development of the energy industry. This cooperation case between Canadian natural gas companies and Bitcoin Mining not only brings new vitality to the industry, but also shows us a new development model. Let us look forward to seeing more cross-border cooperation between industries and work together to build a greener and more sustainable future.

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According to Bitcoinist
It was reported on July 13 that Canadian natural gas companies are now using large reserves of natural gas to mine Bitcoin, creating a useful use for these illiquid energy sources. If these gases are not used effectively, they will burn into the atmosphere.

Image source: pixabay

Why natural gas can be used for Bitcoin mining

Natural gas companies in the Canadian province of Alberta are developing ways to use natural gas to power Bitcoin mining farms. The news comes courtesy of Canadian Bitcoin mining company Bull
Bitcoin’s Francis Pouliot revealed.

Pouliot tweeted on Wednesday (July 10, 2019) that this trend could be very beneficial for natural gas companies. An excerpt from the tweet follows:

“Bitcoin solves a huge problem for over 1,000 natural gas well owners. There is an overwhelming need to turn stored illiquid energy into money.”

As natural gas prices have fallen in recent years, well operators have lost incentives to collect and transport natural gas. To maintain downhole pressure, some gas needs to be pumped out.

The end result is that natural gas is continuously burned into the air without any energy recovery.

Bitcoin mining encourages efficient use of energy

However, gas well operators cannot burn natural gas indefinitely because environmental regulators often have strict restrictions. Once the threshold is reached, the gas well must be shut down.

Now, gas companies have another option - install Bitcoin ASIC miners and use natural gas to power the process.

This finding once again validates the idea that the Bitcoin mining industry serves as the “energy buyer of last resort” as pointed out by Coinshares in its latest report.

Bitcoinist has reported that Coinshares claims that renewable energy accounts for more than 74% of global Bitcoin mining activity.

Furthermore, this finding is completely different from the "polluted environment" description commonly proposed by commentators. Bitcoin mining is incentivizing companies to seek more environmentally friendly ways of handling oil and gas.

More natural gas to power Bitcoin mines means oil and gas extraction emits less carbon dioxide into the atmosphere.

Promote further decentralization of mining

The entry of North American oil and gas exploration companies into the Bitcoin mining business will also further contribute to the decentralization of the field. Globally, China remains at the unshakable center of the Bitcoin mining industry.

In the second half of 2018, Bitmain's fortunes reversed, with its dominance declining significantly. However, the company recently announced plans to expand its operations in China.

As the 2020 Bitcoin block reward halving approaches, miners are trying to capture a larger share of Bitcoin's total computing power. As a result, the computing power increased at an alarming rate, reaching more than 70EH/s.