The practice of natural gas flaring has caught added public attention of late with tighter regulations and a boom in the popularity of fracking, which releases higher rates of natural gas over the process of drilling for oil.
Oil and gas companies don’t want to flare natural gas away. They would do away with flaring entirely if they could. Flaring represents a commodity loss, and in itself was originally the “solution” to a lack of infrastructure, which the industry has been limited by for generations.
After years of efforts to create “cleaner” fracking and new laws to regulate the practice, the solution has come in the form of natural gas cryptocurrency mining.
EZ Blockchain is increasingly sending Smartgrid systems to oil fields with a total of five new installations over the course of 12 months of the COVID-19 pandemic. Oil and gas producers were hurting with the deep dip in oil prices, and a real solution for natural gas flaring was overdue.
The EZ Smartgrid is a system including an on-site natural gas generator and a cryptocurrency mining data center. Instead of flaring natural gas away, the Smartgrid turns it into electricity that powers the data center filled with sophisticated Bitcoin mining computers.
The resulting revenue for oil and gas producers comes without any investment in infrastructure, and gas flaring can be reduced to 0.
Natural Gas Cryptocurrency Post-Pandemic
Interest in these mobile data centers and gas generators has grown significantly since March 2020. External pressures on the oil and gas industry during the pandemic had a lot to do with the initial interest. Since the deployment of half a dozen more mobile data centers by EZ Blockchain during that time frame, interest has compounded as oil and gas producers have seen the competitive edge they provide.
The post-pandemic panoramic for oil and gas companies has turned to this flaring solution to the tune of multiple benefits, including:
- Generating a new and reliable revenue stream
- Reducing or—in most cases—eliminating gas flaring
- Quick installation and implementation (3 days)
- No investment in infrastructure required
- No connection to the grid required
Interest in this flaring solution grew more by the end of 2020 with skyrocketing prices in Bitcoin. The oil and gas industry was turned on its head right at a time when cryptocurrency mining became more competitive, resulting in greater investment by EZ Blockchain in manufacturing the most innovative mining containers on the market.