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They could store it in the form of digital energy (Bitcoin). With that you're able to capture what would otherwise be wasted energy. "The gas, which would othe
by steelstraw 5y ago
They could store it in the form of digital energy (Bitcoin). With that you're able to capture what would otherwise be wasted energy.
"The gas, which would otherwise have been burned off, is instead routed to a bitcoin processor.
For years, oil and gas companies have struggled with the problem of what to do when they accidentally hit a natural gas formation while drilling for oil. Whereas oil can easily be trucked out to a remote destination, gas delivery requires a pipeline. If a drilling site is right next to a pipeline, they chuck the gas in and take whatever cash the buyer on the other end is willing to pay that day. But if it’s 20 miles from a pipeline, drillers often burn it off, or flare it. That is why you will typically see flames rising from oil fields.
The process reduces CO2-equivalent emissions by about 63% compared to continued flaring.."
https://www.cnbc.com/2022/02/15/conocophillips-is-selling-extra-gas-to-bitcoin-miners-in-north-dakota.html https://www.cnbc.com/2022/02/15/conocophillips-is-selling-ex...
- popol12 5y agoAnd how do you convert back bitcoin into electricity ? How do you turn money into energy ? Can the FED print some money to fill back the empty oil fields ?
- spywaregorilla 5y agoPay poor people to turn cranks on magnets. Efficiency losses of only 99.9% /s
- throwaway894345 5y agoI'm not advocating for "use excess energy to mine bitcoin", but you don't need to convert it back into energy--the theoretical nuclear plant is calibrated so its power output is equal to the max power demand and any excess due to lower-than-max demand is channeled to bitcoin mining.
- joshuaissac 5y agoThis is a good use of bitcoin. A better solution would be to interconnect the electricity grid with neighbouring grids. With sufficient size, time-dependent peaks and troughs would be smoothed out.
- spywaregorilla 5y agoThat is unlikely to work unles you're transmitting far enough to enter different timezones.
- Melatonic 5y agoSuper high voltage DC transmission lines are the new hotness in China right now - they could pair perfectly with this.
- onenukecourse 5y agoYou're right, if the bitcoin is mined anyway. I'd argue that things like cryptocurrency, social media, Youtube, government spying, are best shutoff and the carbon kept underground.