Last week a group of oil magnates and crypto miners held a meeting in Texas to discuss a potential cooperation between the two industries. Specifically, assisting each other by fully maximizing on any ‘extra’ resources that usually go to waste. This new potential deal will see that all excessive energy resources are re-directed into providing additional amount of power. The meeting was held in a vehicle warehouse, with over 200 participants from both branches in attendance.

The main purpose of the meeting is to find a solution for the combustion of any ‘excessive’ natural gases. Thus preventing it going to waste. This way of work is usually a trademark for small to medium oil wells. In particular oil wells which lack pipeline networks. Specifically, due to the lack of pipelines, smaller oil wells tend to burn gas pockets on site. This means that a great deal of potential energy simply goes to waste.

Consequently, the idea is to divert this ‘extra’ energy towards powering bitcoin mining operations. Due to the high energy demand that comes with PoW systems such as bitcoin, using natural gas for crypto mining seems like an excellent idea. And not only it will benefit both oil and crypto industries, it will also benefit the environment. Considering how significantly this would diminish the release of natural gas in the atmosphere.

As a result, it is no wonder that both parties seem rather eager to finalize this deal. One such individual is Hayden Griffin. Being a bitcoin miner and an oil representative at the same time, he is in full support of the ‘green’ project:

While there are some who suggest that the goal of the meeting is to poach bitcoin miners with bans in China, the end goal is rather appropriate. Being that this is the first time ever these two industries meet up to collaborate.

This latest meeting by the group oil magnates and crypto miners in Texas is definitely a positive for everyone. And we can only hope that we will see more of these ‘green’ partnerships in the future.