Mining

Publicly Listed Energy Firm Equinor Exploits Gas Flaring in North Dakota to Mine Bitcoin

21/09/2020 by Idelto Editor

Just recently, the firm Arcane Research recently revealed a number of screenshots from the publicly traded energy firm, Equinor. The pictures show the multinational company leveraging natural gas flaring to power bitcoin mining operations. In recent years, using the unorthodox gas flaring scheme to mine bitcoin has become more prominent worldwide.

The Norwegian state-owned multinational energy company Equinor (NYSE: EQNR) has recently announced joining the crypto economy, as the firm has partnered with Crusoe Energy Solutions to mine bitcoin. Equinor is a well known, publicly listed firm that is headquartered in Stavanger, but has operations in over 30 countries today.

According to information obtained by Arcane Research, Equinor’s collaboration with Crusoe in North Dakota is aimed at reducing flaring from oil operations via bitcoin mining.

Natural gas flaring has been an integral part of the world’s energy systems today, as it helps bolster the exploration and processing of oil from shale. To some observers, flaring is considered wasteful and undesirable to the environment, but it helps to ensure safety when using a flare during production testing after people drill a gas well or if shale oil is hydraulically fractured.

Flare gas systems are oftentimes a method of controlling wasted gas that cannot be efficiently processed or captured. However, in recent years firms like Upstream Data and Greenidge Generation are using the excess gas to mine bitcoins instead of wasting precious energy.

“Mining cryptocurrency requires a lot of electricity to power computers, while a valuable commodity is wasted, and carbon emissions are created when we flare,” Lionel Ribeiro the project’s leader said of the Equinor and Crusoe Energy Solutions partnership. Ribeiro continued by adding:

By connecting these inverse pains, we can satisfy both needs with no cost to market expense. It is a disruptive and scalable solution and shrinks the gap between the source of energy production and the final energy consumption while reducing our carbon footprint.

Crusoe Energy Solutions is based in Denver Colorado, and the company offers a system called “digital flare mitigation technology” or DFM. In December 2019, Crusoe saw $70 million funneled into the company, as Bain Capital and KCK Group led the equity funding round. The firm says that its digital flare mitigation infrastructure is a “scalable and flexible” service.

“[The] modular and portable systems are designed for the scale and throughput demands of the modern shale industry,” the company’s website details. “DFM systems are capable of processing up to millions of cubic feet of natural gas per day or as little as 50,000 cubic feet of natural gas per day. Systems operate effectively across a wide spectrum of gas compositions ranging from 750-2500 mmbtu/mcf.”

Crusoe also says the system boasts a significant amount of emissions reduction by utilizing “built-in emissions control technology and catalytic converters.” The DFM can “significantly reduce NOx, CO, VOC and methane emissions compared to flare exhaust streams,” Crusoe highlights.

The recent announcement details that flared gas being used for Equinor’s bitcoin mining is the byproduct of extracting oil from the Bakken oil field located in the U.S.

Since the year 2000, the Bakken Formation or basin has seen a massive boom in oil production. Horizontal drilling and hydraulic fracturing is a common business in the 200,000 square miles (520,000 km2) North Dakota basin.

Hans Jakob Hegge, the U.S. country manager for Equinor says the company must make bold choices in order to bolster cost-effectiveness and energy efficiency these days.

“Innovation remains a fundamental strategic pillar in achieving our climate roadmap ambition,” Hegge said. “[Equinor] must be bold in our approach to employing new technologies to improve business efficiency.”

What do you think about the Norwegian energy firm’s move to leverage gas flaring bitcoin mining solutions? Let us know what you think about this subject in the comments section below.

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Miny.CC – Innovation in the Cryptocurrency Mining Sphere

16/09/2020 by Idelto Editor

Aberdeen, Hong Kong, September 16, 2020. – More than 10 years after the first cryptocurrency was successfully mined, the mining space is more controversial than ever. The process was created to be democratic; to allow any PC with spare computing resources to contribute the surplus to help maintain the cryptocurrency network and earn rewards in return.

The prospects of the mining prize mentioned here led entrepreneurs to innovate ways to make mining more profitable. In the process, they have fabricated specialized mining devices that do not only do the activity faster, but also improves the profitability of the exercise while at it. The said changes now mean that anyone who wants to earn from Bitcoin and cryptocurrency mining must put in a colossal amount of capital to afford the expensive devices. Besides, the cost of electricity required to sustain the process is extortionate.

The incredible pace of change in the industry, notwithstanding, an innovative entrepreneur and his unique startup are prepping the industry for major changes. The individual, Thomas Norberg, is a Russian-born businessman with a vision to make Bitcoin and cryptocurrency mining more user-friendly and less costly to join.

Thomas Norberg – The Man, the Innovator

Thomas was born in Russia. After attaining elementary education in his native country, he set sail for oversees, landing in Sweden where he enrolled for a Master’s degree in International Business Management, which he completed successfully.

Upon completing his graduate studies, Thomas joined the corporate world earnestly. It was while here that he stumbled upon the novel blockchain technology. Having been in the industry for more than 8 years, he can now talk authoritatively about the successes of the space as well as the issues and challenges ailing the industry.

Thomas has seen it all, or at least most of it. He started as a crypto trader back when not many people knew about virtual currencies. Between 2016 and 2018, when initial coin offerings (ICOs) were all the rage, Thomas dived in and backed several projects with the proceeds from his trading days.

However, technology is dynamic and there is no space where this statement is truer than the blockchain industry. Watching the comings and goings of the space, it did not take Thomas long to see the folly and lopsided aspect of the industry that crypto mining had become. Baffled by the cost of hardware and the runaway power tariffs, Thomas joined hands with some entrepreneurs he came to know in the industry. Together, they came up with the idea of a cloud mining platform that has a unique yet friendly approach to the undertaking. And, the process gave forth to Miny.cc.

Miny.cc – The Unique Approach to Cloud Mining

Miny is primarily a cryptocurrency wallet infrastructure. If a user creates an account on the platform, he or she also gets a secure cryptocurrency wallet by default. The multi-coin wallet can store Bitcoin, Ethereum, Litecoin, and MINY tokens.

However, the platforms shining star is its cloud mining plan. The plan is simple and easy to use. All a user needs to do is create an account, deposit crypto into the wallet provided and convert the virtual currency into MINY tokens. Once the platform verifies the deposit, the user will be included in the mining pool where he or she will begin getting a share of the platform’s mining proceeds. Overall, the platform pays out between 10% and 19% of the amount a user invests, per month.

Aside from cloud mining, users can make money on the platform through several means. The platform’s native token, MINY, for instance, is a revenue earner. The cryptocurrency is made such that for every successful transaction completed on the platform, a portion of it burns. In doing so, the platform ensures that the number of MINY tokens in circulation reduces over time.

Since the demand for the coins is set to increase over time while the amount in circulation reduces, the value of the coin, as such, will appreciate. Users who hold the coins for an extended period can exchange them for other cryptocurrencies or cash them as fiat and enjoy their profits.

Still, users who have extensive following online can cash in on this resource. The platform has an elaborate affiliate program that pays commissions for the referrals a user brings up to the 20th downline.

The above narrative shows that Thomas Norberg is in the game for more than just profits. The Russian entrepreneur and his band of associates want to make Bitcoin mining worth considering again. Besides, they want to see it become an undertaking that is environment friendly and Sustainable. This reason is why Miny’s mining farm is located in Hong Kong. The region’s endeavor to go green makes its power cheap and attractive.

More information about Thomas Norberg and his unique project is available here.

Press Contact Email Address
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Supporting Link
https://www.youtube.com/watch?v=zlocB2BEKNg

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Canaan Cuts Losses for Second Successive Quarter, Down To $2.4M in Q2; Demand Remains Weak

03/09/2020 by Idelto Editor

Canaan Creative, the Chinese maker of bitcoin mining hardware, reported a net loss of $2.4 million during the second quarter of 2020, down from $5.6 million in the previous quarter. It is the second consecutive quarter of narrowing losses for the firm, hit hard by falling demand amid the Covid-19-induced global recession.

For the three months to June 30, revenue soared 160% to $25.2 million from $9.6 million the quarter before, driven by a near 200% increase in total computing power sold.

According to Canaan’s earnings release of August 31, the Beijing-based company sold 2.6 million terahash per second (TH/s) of Bitcoin hashpower, up from 0.9 million TH/s during the first quarter. Year-over-year, total computing power sold declined 18% from 3.2 million TH/s.

Canaan Cuts Losses for Second Successive Quarter, Down To $2.4M in Q2; Demand Remains Weak — The Nasdaq listed stock (NASDAQ: CAN) for Canaan Inc., on September 2, 2020.

Shares of Canaan fell 0.72% to $2.08 on the Nasdaq Stock Exchange, at the time of writing. The stock has tumbled more than 80% since listing on the exchange last November. Then, it traded at a high of $13.

Canaan chief executive officer Nangeng Zhang commented: “During the second quarter of 2020, the Covid-19 pandemic continued to impact the lives of people around the world and the Bitcoin halving event also caused significant volatility in bitcoin prices.” Zhang added:

We are confident that our…pipeline of next-generation products will continue to sustain our growth momentum in the future.

In the review quarter, research and development expenses declined to $3.7 million from $5.9 million previously, said the firm, which manufactures the Avalon range of ASIC bitcoin mining chips.

Canaan reported cash and cash equivalents of $22.2 million for the June quarter, down from $37.3 million in Q1. The company said the decline is a result of higher short-term investments, which amounted to a total of $49.2 million by the end of June.

For the second quarter running, Canaan did not issue guidance for the next three trading months, citing “continued uncertainty from the rapidly changing global environment related to the Covid-19 pandemic and corresponding economic downturn.”

What do you think about Canaan’s continuing losses? Let us know in the comments section below.

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Sichuan’s Blockchain Park: Chengdu Government Officials Welcome Bitcoin Miners

02/09/2020 by Idelto Editor

In mid-August officials from the Chinese province of Sichuan approved a number of enterprises that mine bitcoin for legal hydropower consumption in the region. Following the local government of Ya’an city deciding to foster mining, officials from Chengdu recently spoke about welcoming crypto mining at the Hashcon 2020 event as well as bolstering a blockchain industrial park.

Government leaders from the province of Sichuan are beginning to be far more friendly toward bitcoin mining than they were two years ago. In 2018, officials called the industry wasteful, but nowadays leaders from Sichuan have been embracing bitcoin miners.

In mid-April 2020, officials from Ya’an city approved a number of companies to leverage cheap hydropower in the region. In August, Ya’an leaders allowed a “second batch of demonstration enterprises for hydropower consumption,” according to 8btc contributor Lylian Teng.

On August 28, Vincent He from 8btc explained that two officials from the government of Chengdu spoke at the Hashcon 2020 event. Chengdu serves as the capital of Sichuan and is a sub-provincial city.

Hashcon was a bitcoin mining summit held by Inbtc, 8btc, and Chainnode on August 22 and 23. The report notes that a great majority of the BTC hashrate was present at the Hashcon 2020 event alongside 70% of the ASIC rig manufacturers.

The first day of the Hashcon summit saw a partnership with the Chenghua District and 8btc which will invoke a Sichuan-based blockchain industrial park. The park will feature the blockchain computing power (bitcoin miners) that have settled in Chengdu, according to the regional report. “Eight blockchain enterprises including inbtc and Valarhash signed contracts and settled down,” Vincent He noted.

“As crypto-mining gets compliant, the government can obtain considerable tax revenue and create more jobs, as well as creating a stable business environment for enterprises. Qu Zhaoxiang, the cofounder of 8btc and Chainnode said.

Sichuan's Blockchain Park: Chengdu Government Officials Welcome Bitcoin Miners — Hashcon 2020 in Sichuan.

“The government of Chengdu shows great interest in the mining business model, blockchain technology and hopes to get involved in crypto mining. [The] government’s attitude to the industry has changed.” the Inbtc cofounder, Zhu Fa stressed.

According to the report, 39 exhibitors attended the mining summit with a strong focus on the mining ecosystem. Enterprises like Nurima, Seagate, and Gongyi alloy technology were in attendance alongside Innosilicon, Babel, F2pool, and the ASIC manufacturers Microbt.

What do you think about the officials from the Chengdu government embracing bitcoin mining? Let us know what you think in the comments below.

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Digital Currency Group Pledges $100 Million to Bolster Bitcoin Mining Industry

28/08/2020 by Idelto Editor

The firm Digital Currency Group (DCG) is entering the mining industry, as the firm has pledged $100 million into a cryptocurrency mining firm called Foundry. The mining company Foundry was noiselessly founded in 2019 and it aims to offer capital, consulting, and intelligence to digital assets miners.

Bitcoin mining is becoming a massive industry and the competition continues to heat up across the world. News.Bitcoin.com has been recently reporting on how mining firms like Marathon Patent Group and Riot Blockchain have been spending millions of dollars on mining rigs manufactured by Microbt and Bitmain.

Meanwhile, the Bitcoin (BTC) network, in terms of hashrate, has also climbed to all-time highs at 130 exahash per second (EH/s) and the metric has more recently been hovering just below that rate (120EH/s).

On August 27, the venture capital firm Digital Currency Group (DCG) announced it will commit $100 million into a firm called Foundry through 2021. DCG says that Foundry was developed in order to increase market efficiency and improved capital access into the thriving bitcoin mining industry.

Foundry will provide three types of services to the crypto mining environment; advisory services, mining and staking, and equipment financing and procurement.

DCG and Foundry’s announcement details that the company has already “extended tens of millions of dollars in equipment financing” to mining facilities in North America and other regions.

Mike Colyer, the CEO of Foundry said: “We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations — particularly in North America”

Colyer stresses that Foundry is “a business built by miners for miners” and the team has already partnered with a number of experts who are passionate toward growing the decentralized mining ecosystem further.

The chief executive officer Colyer is a former Core Scientific executive. Over the years DCG’s investments have captured a wide variety of blockchain and crypto network infrastructure businesses since Barry Silbert founded the firm in 2015.

“Our mission at DCG is to accelerate the development of a better financial system,” said Silbert during the announcement.

“Digital asset mining and staking provide the backbone of the blockchain technology that will drive that advancement. Foundry is bringing critical resources and guidance to an essential corner of the industry,” the founder and the DCG chief executive officer added.

2020 has seen massive development into the cryptocurrency mining sector and institutional interest doesn’t seem to be abating any time soon. Hundreds of millions of dollars have poured into the mining economy and it has blossomed into a profitable venture for many.

What do you think about DCG’s commitment to invest $100 million into Foundry and the mining ecosystem? Let us know what you think in the comments section below.

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