As questions about Bitcoin’s energy use develop, a variety of alternative solutions have been proposed. Flared natural gas has been proposed as a potential alternative to Bitcoin mining farms’ high emissions.
Bitcoin fell to a low of $42,200 this week, fuelled by Elon Musk’s announcement on Twitter that Tesla will no longer allow Bitcoin as payment. Although Musk later explained that Tesla has no intention to sell its Bitcoin, his remarks came after the billionaire announced that he would no longer back coal-fired electricity.
Flared natural gas, also known as a flare stack, is the powered combustion of natural gas that may be a viable alternative to coal-fired oil. When oil companies can’t create a pipeline or can’t refine the natural gas, they flare it. To put it another way, a flare stack is a waste of energy.
According to the International Energy Agency, flared natural gas emitted the same amount of carbon dioxide as Italy in 2019. Rather than using high-carbon energy sources, various cryptocurrency experts have proposed using flared natural gas to fuel Bitcoin mining, allowing oil companies to benefit from potentially unused gas. Giga Energy Solutions co-founder Matt Lohstroh posted on his company’s groundbreaking crypto mining solutions:
“We come in; they’re making zero for their gas, we say, hey, we’ll come in take the gas off your hands, give you a little something. We’ll be able to reduce your emissions you’re putting out, combust it, create economic value on our end.”
Although diverting flared gas to cryptocurrency mining may be an excellent way to recycle waste oil, the actual effect on pollution might not be significant. Nonetheless, customers are steadily demanding that the electricity generated by coal mines be reduced.
In recent months, a host of renewable Bitcoin alternatives have arisen, spurring interest for sustainable electricity from environmentally conscious customers.