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Just recently, the firm Arcane Research recently revealed a number of screenshots from the publicly traded energy firm, Equinor. The pictures show the multinational company leveraging natural gas flaring to power bitcoin mining operations. In recent years, using the unorthodox gas flaring scheme to mine bitcoin has become more prominent worldwide.<\/strong><\/p>\n The Norwegian state-owned multinational energy company Equinor<\/a> (NYSE: EQNR) has recently announced<\/a> joining the crypto economy, as the firm has partnered with Crusoe Energy Solutions<\/a> to mine bitcoin. Equinor is a well known, publicly listed firm that is headquartered in Stavanger, but has operations in over 30 countries today.<\/p>\n According to information<\/a> obtained by Arcane Research, Equinor\u2019s collaboration with Crusoe in North Dakota is aimed at reducing flaring from oil operations via bitcoin mining.<\/p>\n Natural gas flaring has been an integral part of the world\u2019s energy systems today, as it helps bolster the exploration and processing of oil from shale. To some observers, flaring is considered wasteful and undesirable to the environment, but it helps to ensure safety when using a flare during production testing after people drill a gas well or if shale oil is hydraulically fractured.<\/p>\n Flare gas systems are oftentimes a method of controlling wasted gas that cannot be efficiently processed or captured. However, in recent years firms like Upstream Data<\/a> and Greenidge Generation<\/a> are using the excess gas to mine bitcoins instead of wasting precious energy.<\/p>\n \u201cMining cryptocurrency requires a lot of electricity to power computers, while a valuable commodity is wasted, and carbon emissions are created when we flare,\u201d Lionel Ribeiro the project\u2019s leader said of the Equinor and Crusoe Energy Solutions partnership. Ribeiro continued by adding:<\/p>\n By connecting these inverse pains, we can satisfy both needs with no cost to market expense. It is a disruptive and scalable solution and shrinks the gap between the source of energy production and the final energy consumption while reducing our carbon footprint.<\/strong><\/em><\/p>\n<\/blockquote>\n Crusoe Energy Solutions is based in Denver Colorado, and the company offers a system called \u201cdigital flare mitigation technology<\/a>\u201d or DFM. In December 2019, Crusoe saw $70 million funneled into the company,<\/a> as Bain Capital and KCK Group led the equity funding round. The firm says that its digital flare mitigation infrastructure is a \u201cscalable and flexible\u201d service.<\/p>\n \u201c[The] modular and portable systems are designed for the scale and throughput demands of the modern shale industry,\u201d the company\u2019s website details. \u201cDFM systems are capable of processing up to millions of cubic feet of natural gas per day or as little as 50,000 cubic feet of natural gas per day. Systems operate effectively across a wide spectrum of gas compositions ranging from 750-2500 mmbtu\/mcf.\u201d<\/p>\n Crusoe also says the system boasts a significant amount of emissions reduction by utilizing \u201cbuilt-in emissions control technology and catalytic converters.\u201d The DFM can \u201csignificantly reduce NOx, CO, VOC and methane emissions compared to flare exhaust streams,\u201d Crusoe highlights.<\/p>\n The recent announcement details that flared gas being used for Equinor\u2019s bitcoin mining is the byproduct of extracting oil from the Bakken oil field<\/a> located in the U.S.<\/p>\n Since the year 2000, the Bakken Formation or basin has seen a massive boom in oil production. Horizontal drilling and hydraulic fracturing is a common business in the 200,000 square miles (520,000 km2) North Dakota basin.<\/p>\n Hans Jakob Hegge, the U.S. country manager for Equinor says the company must make bold choices in order to bolster cost-effectiveness and energy efficiency these days.<\/p>\n \u201cInnovation remains a fundamental strategic pillar in achieving our climate roadmap ambition,\u201d Hegge said. \u201c[Equinor] must be bold in our approach to employing new technologies to improve business efficiency.\u201d<\/p>\n What do you think about the Norwegian energy firm\u2019s move to leverage gas flaring bitcoin mining solutions? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n The post Publicly Listed Energy Firm Equinor Exploits Gas Flaring in North Dakota to Mine Bitcoin<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"Publicly](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/frame412.png\" "\\"Publicly")
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