TL; DR
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An oil company in Buenos Aires just had an epiphany…
See, Tecpetrol plans to drill at least 35,000 barrels of oil per day at its plant, and in the process it will create a lot of excess gas.
But the infrastructure needed to capture, transport and sell that excess gas is expensive! Too expensive to justify new construction.
So the company just burned the gas on site (also called ‘flaring’).
But here is Tecpetrol’s new solution:
Instead of flaring the excess gas (which is akin to lighting cigars with $100 bills), the company is now putting it to work.
How? Crypto mining!
And yes, we hear you! This isn’t going to make crypto the poster child for sustainability (not by a long shot).
But hey, it’s better to let them convert it into energy and mine crypto than simply watch it go up in smoke straight into the atmosphere.
If 100% green renewable energy is the end goal, and this is just a stepping stone in that transition?
We can get behind it.