EZ Blockchain finds a potential source of power for mining crypto
EZ Blockchain, Chicago company specializing in mining cryptocurrency, is considering natural gas in Permian Basin, Texas as a possible source of power for the servers to mine Bitcoin and other currencies. The company is already using a similar strategy for powering its servers off the East Coast, with about 700 servers working with the help of a natural gas generator.
Stranded natural gas locations in Bakken Shale and the Midwest are being used in a similar way, but Permian Basin in Texas attracted the company’s attention simply because a lot of gas is being burned there, while instead it could be used for mining cryptocurrencies such as Bitcoin and altcoins.
When it comes to stranded gas sources, they provide cheaper electricity, which fits perfectly to the firm’s ambition. It seems that oil companies that perform their operations in the Permian Basin burned as much as 238.1 billion feet3 of gas there, a waste of estimated $750 million only in the year 2018, as reported in the analysis done by the Institute for Energy Economics and Financial Analysis.
Now to realize their idea, EZ Blockchain needs to make preparations how to keep the servers at cool temperatures and partner with the operators of oil wells at the location.