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(Reuters) - On U.S. oil patches stretching along the Rockies and Great Plains, trailers hitched to trucks back up toward well pads to capture natural gas and convert it on the spot into electricity.
The trailers - carrying pipes, generators and computers - are called mining rigs. But their owners aren t there to drill for oil. They are using stray natural gas unwanted by oil companies to power their search for another treasure: cryptocurrencies like Bitcoin.
Cryptocurrencies are virtual coins exchanged without middlemen, such as central banks, to purchase goods and services. Extracting the currency from cyberspace, however, requires vast amounts of often-expensive electricity. Supercomputers must run constantly in a race against other miners to solve complex math problems in order to unlock digital vaults holding the currency.
Oil drillers and Bitcoin miners bond over natural gas
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Oil drillers and Bitcoin miners bond over natural gas
marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Oil drillers and Bitcoin miners bond over natural gas
msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
DENVER (BUSINESS WIRE) Apr 26, 2021
Crusoe Energy Systems Inc. (the âCompanyâ) has closed a $128 million Series B equity financing led by Valor Equity Partners with participation from Lowercarbon Capital, DRW Venture Capital, Founders Fund, Bain Capital Ventures, Coinbase Ventures, Polychain Capital, KCK Group, Upper90, Winklevoss Capital, Exor, Zigg Capital and JB Straubel, the co-founder and former CTO of Tesla and founder and CEO of Redwood Materials. Crusoe also secured a non-dilutive $40m project financing facility from Upper90 in addition to the new equity capital. The combined funding will expand Crusoeâs operations as the Company pursues its mission to eliminate the routine flaring of natural gas and associated methane emissions while delivering low cost computing infrastructure. Crusoe deploys mobile, modular data centers that generate electrical power from otherwise wasted and flared natural gas (Digital Flare Mitigation® or DFM).