A recent video posted by the World Economic Forum (WEF) discussed how crypto miners can assist oil and gas companies reduce the amount of waste that pollutes the environment. There were clear scenes displaying the facilities and technology behind the running of a cryptocurrency mining plant.
While the video showed several scenes with Bitcoin (BTC) mining rigs, it is worth noting that no mention was made of the term Bitcoin or BTC or the mining of any crypto.
Three days after the video was released, Kristine Cranley, a director at the advocacy group the Texas Blockchain Council brought up the omission of the Bitcoin -B-word by WEF. The Colorado-based crypto mining facility Crusoe Energy Systems was the company of interest in the video.
@WEF promoting mining without using the b word! Source below. Contrast this with the tone of the @nytimes hit piece! Same topic … different emotional experience they are trying to deliver. @NYTimesUp pic.twitter.com/d4OEPkWYFc
— Kristine Cranley (@KristineCranley) April 23, 2023
Crusoe Energy CEO Chase Lochmiller explained how his company utilizes excess natural gas gotten from energy operations to run its data centers and mining activities. He also described how Crusoe integrated the Digital Flare Mitigation technology to prevent natural gas flares from oil fields and landfills.
According to Lochmiller, “By doing that, not only do we create a massive emission reduction from this previously wasted source of energy, but we can also product ultra-low-cost computing infrastructure by harnessing this otherwise stranded form of energy.”
Furthermore, he clarified that their modular data centers are located alongside waste energy sources which then translate to the use of wasted methane streams for power generation. In the end, this solves the problem of having some energy sources go to waste and the production of inexpensive computing infrastructure.
Bitcoin Miners Explore Other Energy Sources
It is known for sure if this video is a form of advocacy for BTC mining by WEF but for now, some crypto heavyweights have taken cognizance of the video.
Michael Saylor, the co-founder of business intelligence software firm MicroStrategy shared the video on Twitter, informing his followers that “even WEF is recognizing the environmental benefits of Bitcoin Mining.”
Even the @WEF is recognizing the environmental benefits of Bitcoin Mining. pic.twitter.com/kPnMIfyJpU
— Michael Saylor⚡️ (@saylor) April 23, 2023
Meanwhile, the pivot to clean energy among crypto natives is growing. TeraWulf launched the first-ever nuclear-powered Bitcoin (BTC) mining facility in the United States.
It included the deployment of a 50-MW stake in the Nautilus Cryptomine facility for the first time. Paul Prager, the Chairman and Chief Executive Officer (CEO) of TeraWulf confirmed that the “team has been working swiftly and diligently to achieve our stated goal of reaching 5.5 EH/s of operational mining capacity in Q2 2023.”
