Mainstream media has been awash with Bitcoin pundits decrying that Bitcoin is bad for the environment; however, Bitcoin flaring is the new energy paradigm.
Often, critics point out Bitcoin’s energy consumption as compared to other countries. People read such statistics and are persuaded to believe that Bitcoin is negatively impacting the environment. In Energy Revolution Through Bitcoin, I discussed why such arguments are misleading.
Now, Bitcoin miners and energy companies have discovered a method that will keep the air clean while Bitcoin is being mined.
Why flaring for Bitcoin is the new energy paradigm?
When companies are drilling for oil, they hit pockets of natural gas. This causes CO2 to be released into the atmosphere. In many states, these flares aren’t regulated and its unfeasible for oil companies do anything about them; however, by teaming up with a Bitcoin miner, this not only gives oil companies an extra income source… but it protects the environment, as the flares are then contained to unleash the energy for Bitcoin mining.
Check out this video, for an in depth look at how it all works.