Green House Gas Emissions Finds A Solution in Bitcoin, Solving a Century and Half Old Problem
- A mechanical engineer wrote a blog about using Bitcoin mining as a solution for greenhouse gas emissions.
- Multiple solutions are already available for oil producers that want to monetize their gas emissions.
The environment should be a concern on the minds of every person in the world, making the way that the planet is treated a priority. Greenhouse gas (GHG) emissions are becoming even more important to consider, though the public has put a lot of attention towards livestock burping and permafrost release, which both do not really have a way of curtailing. However, according to Upstream Data, there is one source of GHG emissions that could be condensed – vented natural gas.
Vented natural gas is simply gas that is coming through a pipe and into the atmosphere at a low volume over time. This seeping is relatively common, though the emissions can also occur in high volumes as well. Realistically, producers do not actually want this natural gas to be emitted into the atmosphere, because they want to be able to sell it, instead of properly disposing of it like they are meant to.
The late Hal Finney posted to Twitter around the same time that Bitcoin came out, considering the idea of using Bitcoin as a green energy solution to reduce CO2 emissions.
Finney saw exceedingly early on that Bitcoin miners placed value on electricity, regardless of where it is found. Bitcoin miners are provided with Bitcoin through the electricity they use, inherently locking in the value of electricity with the value of Bitcoin. Essentially, as Upstream Data sees it, the energy stranded is just as useful to the electricity flowing through a grid-based hydroelectric dam.
The writer of the article is a mechanical engineer that specifically focuses on gas facilities and upstream oil facilities. After discovering Bitcoin mining only three years ago, he says that he “immediately” saw how technology could be a solution by creating a portable bitcoin mining datacenter, which uses natural gas.
This engineer decided to make the idea into a reality, creating Upstream Data Inc. in January 2017. The first product featured a Bitcoin mining datacenter within a 20-foot long shipping container, along with an all-in-one natural gas genset. With a couple of hours of notice, the units are transportable to other locations and are directly linked into vent gas sources. With a cellular modem and a directional antenna, users can regenerate revenue and maintain an internet connection at all times.
New products for a wide application range have been developed recently by the Upstream Data company, which presently includes a small 50 kW Ohmm ‘Mini' and a 1000 kW Ohmm “Mega.” Any oil producers that end up choosing one of the data centers for their own facility to monetize their gas instead.
Upstream Data brings attention to the fact that Bitcoin has gotten a lot of heat through the years by mainstream media and other sources, who are already threatened by what this digital asset can do. However, energy waste stands to greatly benefit from the technology, solving a problem that has lasted well over a century.