You haven’t seen it all, yet. Who would have thought Bitcoin [BTC] could be mined through stranded gas wells? Bengal Energy, a leading oil and gas firm from Canada is exploring ways to efficiently mine BTC.
Time and again, Bitcoin mining has been thrashed for its energy consumption. The issue has even reached governments that are currently trying to impose a ban on the Proof-of-Work [PoW] algorithm. As a result, firms across the globe have been finding sustainable ways to mine the world’s largest cryptocurrency. Similarly, Bengal Energy decided to employ unused energy to mine BTC. However, unlike other firms, this Canadian platform intends to use stranded gas wells.
Bengal Energy would reportedly carry out a pilot program that is expected to entail about 70 Bitcoin mining rigs. All of them would be placed in a ‘donga’ a portable building. They would further be constructed near an array of stranded gas wells. These gas wells are found in Australia’s Cooper Basin.
A distribution pipeline is in the works. These pipelines would act as a bridge for the gas wells that are being constructed by Bengal Energy. The firm went on to acquire the wheels from Santos Energy as well as Bridgeport Energy. Both these firms and in the extraction of oil and gas business.
Speaking about the deadline on this project, Kai Eberspaecher the Chief Operating Officer at Bengal Energy said,
“We were basically looking at six months of having wells ready but without an outlet. We were dealing with stranded assets.”
Just last week, ExxonMobil announced that it had taken the orange pill and would engage in Bitcoin mining through natural gas. It looks like this list would surge in time.
Bitcoin can now be used to pay Utility Bills
Chandler, a Phoenix suburb in Arizona city is all set to allow its citizens to pay their bills in crypto. A total of three cryptocurrencies, Bitcoin, Ethereum [ETH], and Litecoin [LTC] will be accepted by the government. Additionally, PayPal would be processing these payments.
The addition of Bitcoin and other crypto is a mere effort to roll out payment options for the residents. The city revealed that it would sell all the crypto for fiat.