RE: Daily Crypto Markets Live Blog: Hive Holding Above 80 Cents (09/5/21)

[jfang003]

Gas and BTC miners meet up. I don't know but they are talking about using stranded gas but I don't know too much about it.

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Comments

[taskmaster4450le]

I think this sums it up best.

Bitcoin miners care most about finding cheap sources of electricity, so Texas – with its crypto-friendly politicians, deregulated power grid, and crucially, abundance of inexpensive power sources – is a virtually perfect fit. The union becomes even more harmonious when miners connect their rigs to otherwise stranded energy, like natural gas going to waste on oil fields across Texas.

That is where the real key is: they are tapping into stranded reserves. Now turning it into something practical.

Imagine if Texas does take up most of the Chinese Bitcoin mining.

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[jfang003]

Yea I think it's a smart idea but I am unsure what would be stranded or not.

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[dagger212]

Pretty sure that natural gas deposits on these oil fields go unused and undeveloped, and actually are completely wasted by the oil companies because there's not enough demand to justify the cost of pulling it out of the ground. Having the miners right there to use it would solve problems for both sides and could potentially be mega-profitable.

The only thing I see that could be negative is I would hate to have to worry about the Bitcoin price due to a hurricane shutting down miners for days. I wouldn't think they'd be as susceptible to that as oil rigs but...

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[finguru]

I thought of GAS as in GAS Fees. 😂

Anyway, I don't think this method would be pollution-free.

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[jfang003]

Lol it's something people worry about in crypto but it was more for the general public.

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[finguru]

We all tend to become environmentalists when it comes to crypto. It's the trend. 😂

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[magnacarta]

It's not pollution free, but these days it's cleaner than what it would have been even 10 years ago.

It's harder to go from 1% emissions to 0% emissions than it is to go from 100% emissions to 1% emissions. At that point, we encounter the law of diminishing returns; getting that final 1% is not worth the effort, time, or opportunity costs.

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[tfranzini]

Excellent point. Most people ignore that but we're a lot better than before and it's still going to take a long time for us to be reduce the level of emissions we have right now

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[finguru]

That's a valid point. We are producing far more value by using the resource so I guess it makes sense for them to explore this.

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