Last week, a meetup in a Houston vehicle warehouse brought together oil producers and bitcoin miners to discuss possible on-site crypto mining opportunities.
Over 200 investors attended the meeting to discuss forming an alliance that would allow oil companies to manage their resources more efficiently and miners to take use of direct sources of energy that would otherwise be wasted.
Several oil producers and bitcoin miners gathered in Texas last week to discuss the possibility of on-site mining brought about by Texas energy producers. The meetup, which took place in a Houston vehicle warehouse, acted as a focal point for examining these possibilities. Oil wells that are not large enough to incorporate pipes typically burn the natural gas pockets discovered on-site.
However, bitcoin (BTC) mining may be a more viable option. This natural gas can be utilized to power generators that would supply each well with micro mining activities. This arrangement would benefit both miners and producers, as well as the environment, as it would save the need to burn this gas to release it into the atmosphere. Parker Lewis, one of the organizers, expressed confidence in the meetup’s success to CNBC. He stated as follows:
“I just knew Houston would be prime to explode because of the energy connection to mining – if we organized a good meetup.”
Griffin, Hayden Haby III is the resulting world from the fusion of these two worlds. He is an oil tycoon who doubles as a bitcoin miner. Haby added that once he realized the return on investment of a bitcoin mining company, he felt compelled to join the bitcoin bandwagon. He emphasized: When I learned that you could get this much money for gas instead of burning it up in the atmosphere, I couldn’t look away.
Making the Most of China’s Demise
One of Texas’ oilmen’s primary objectives is to apprehend the numerous bitcoin mining entrepreneurs who are nonetheless searching to relocate their enterprises following their expulsion from China. Alejandro de la Torre is one of the remaining miners transporting mining rigs from China to the United States. He stated that these miners were being transported to ports on six Pacific ships.
However, many of these transactions are conducted in secret and not disclosed to the public. Certain transactions are covered by nondisclosure agreements, while other companies in the industry simply do not want to discuss their partnerships for fear of giving competitors an advantage.
Also Read: Justin Sun Explains Why He Spent $500k On EtherRock NFT
Wallets