US Energy Company Opens Crypto Mining Facility in the Middle East to Use Stranded Natural Gas

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Denver-based US Energy company will help the Middle East nation to cut the gas flaring. They are all set to help the Middle East with the pilot project scheduled for the end of 2022.

There is a heated up discussion around the ethical aspects of using fossil fuels in crypto mining. Also, it remains one of the key topics for the industry. However, an unexpected partnership between a Denver-based mining company and the government of a gas-rich Middle Eastern country sets a horizon for a positive role of crypto in cutting fossil fuel waste. 

On Wednesday, June 1 Bloomberg reported that Crusoe Energy, an operator repurposing wasted fuel energy to the computational power of crypto mining. They would start their work in Oman. We all know that Oman is a nation that exports 21% of its gas production.

US Energy Company Prospects and Plans

The American company will open an office in the capital city of Muscat. They have a plan to install its equipment for capturing gas waste at well sites. It already held a workshop with the Omani largest energy producers, OQ SAOC and Petroleum Development Oman. Furthermore, the first pilot project will be launched by the end of this year or in early 2023. This is the statement of Crusoe’s CEO Chase Lochmiller.

Oman’s government interest in the partnership is driven by an aim to cut the country’s gas flaring. Further, they are burning off the excessive flammable gas in the process of extraction.

In an official statement, Lochmiller emphasized his company’s mission to set a presence in the Middle East and Northern Africa. Also, he emphasized that they want to help local governments in their fight against flaring:

“Having the buy-in from nations that are actively trying to solve the flaring issues is what we are looking for.” In March, media reported that Exxon Mobil partnered with Crusoe to run a pilot project of Bitcoin mining at the Bakken shale basin in North Dakota. However, this information is not official by the companies.

More: Price Of Top Crypto Currency Increased With Solana, Cardano, Avalanche & Polkadot Crash Recovering Most

1 Comment

  1. […] to a source acquainted with the company’s financial situation, cryptocurrency mining giant Core Scientific will file for Chapter 11 bankruptcy in Texas first thing Wednesday morning. […]

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