In a bid to curtail the bad environmental image that token mining has gotten over the years, crypto miners are now using a natural gas supply that is typically squandered during oil extraction to power their businesses. In recent weeks, many crypto mining outfits have begun making the switch to this energy source. This involves making arrangements at oil wells where natural gas found on top of the crude underneath is usually burnt off as a waste product.
These crypto firms are making use of shipping containers at sites across the United States. Filled with scores of processors to mine cryptocurrency, they are all being powered by natural gas from oil fields which would have ordinarily been incinerated as garbage. This trend is particularly popular in Texas.
Crypto Mining Needs Greener Alternatives to Energy Consumption
One of the main criticisms regarding cryptocurrencies has been the high energy consumption required for mining. In 2021, some 91 trillion watts of electricity were consumed by mining Bitcoin alone.
With cryptocurrency still one of the fastest-growing digital assets in the world, its energy consumption needs are only expected to grow. At the same time, environmentalists argue that the world needs less harmful energy-burning practices, not more of them. The hope is that the use of this natural gas to power these mining sites is a better environmental prospect than burning it away.