April 23, 2024

Crusoe Energy will offer oil companies to use surplus natural gas for cryptocurrency mining

Crusoe Energy Systems has announced the development of mobile modular data centers that canUsedfor mining cryptocurrencies, consuming the excess gas remaining in oil production.

It is reported that using such mobileData centers of oil producing companies will be able to stop burning excess gas and use it for cryptocurrency mining. It will also reduce emissions of carbon dioxide, volatile organic compounds and nitric oxide immediately by 99%.

“We strive to develop new technologies forreducing emissions from gas combustion, able to cope with the large gas flow generated by shale oil producers in North America. Crusoe technology enables the use of wasted energy for growing industries that require energy-intensive computing. For example, for the areas of blockchain and artificial intelligence, ”said Chase Lochmiller, co-founder and head of Crusoe.

The company has already received more than $ 4.5 million investment in the development of appropriate equipment. Investors included Bain Capital Ventures and the Founders Fund Pathfinder, as well as Winklevoss Capital Management.

Reportlinker recent studyshowed that the mining equipment market will grow in the coming years. At the same time, demand for FPGA processors and ASIC miners will contribute to this growth.