As heated discussions about the ethical aspects of using fossil fuels in crypto mining are one of the major topics for the industry, an unexpected partnership between a Denver-based mining company and the government of the gas-rich Middle Eastern country sets a horizon. For the positive role of crypto in cutting fossil fuel waste.
On Wednesday, June 1, Bloomberg reported that Crusoe Energy, an operator that reuses wasted fuel energy for the computational power of crypto mining, will begin operations in Oman, a country that exports 21% of its gas production. and wants zero gas flaring by 2030. ,
The American company will open an office in the capital of Muscat, and install its equipment to capture gas waste at well sites. It has already held a workshop with Omani’s largest energy producers, OQ SAOC and Petroleum Development Oman. According to Crusoe CEO Chase Lochmiller, the first pilot project will be launched by the end of this year or early 2023.
Oman’s government’s interest in the partnership is driven by the aim of reducing the country’s gas glut – burning the highly flammable gas in the process of extraction. Along with Algeria, Iraq, Libya, Egypt and Saudi Arabia, Oman accounts for 90% of the burns in the Arab region, while the region accounts for 38% globally. In 2018, 10% of all gas consumption in Oman flared up, according to estimates by the United Nations Economic and Social Commission for Western Asia.
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In an official statement, Lochmiller emphasized his company’s mission to help local governments in the Middle East and North Africa fight flare-ups:
“Buying in from countries that are actively trying to solve burning issues is what we’re looking for.”
In March, the media reported that Exxon Mobila partnership Crusoe to run a pilot project of bitcoin mining in the Bakken Shale Basin in North Dakota. However, this information was not confirmed by the companies.
Cointelegraph contacted Crusoe Energy for additional information, the post will be updated later.
