- The Bitcoin mining company, Crusoe Energy Systems, has developed a method for extracting electrical energy from natural gas.
- The company will use this technology to build a new bitcoin mining facility in the US.
The Denver-based company, Crusoe Energy Systems, has announced the construction of a new Bitcoin mining facility. As it announced in an interview with Bloomberg, 70 units with a capacity of around 1 megawatt (MW) each will be installed next year.
Crusoe Energy Systems Inc. has begun to transform excess gas from extraction into electricity. With this method they are able to power their equipment and generate revenue. Over the next year the company expects to expand further. Its implementation avoids the need to burn 10 million cubic feet of gas a day. The Upper90 Chief Investment Officer spoke to Bloomberg news platform about the initiative:
It’s a very creative way to solve an economic and environmental problem for the oil industry.
Over the course of the year Crusoe Energy has raised $70 million to expand its Digital Flare Mitigation services.
We're incredibly excited to announce that we've closed on $70 million in additional funding to expand our Digital Flare Mitigation services and deliver scalable solutions to the energy industry! #ZeroFlaring2030 https://t.co/73SC8cbKeW
— Crusoe Energy (@CrusoeEnergy) December 6, 2019
Among the investors of the first round of fundraising are some well-known investors from the crypto industry with Winklevoss Capital and Polychain Capital. According to Crusoe Energy’s announcement, the capital will be used to expand services to countries other than the United States. Canada is one of the potential countries to benefit from the expansion.
Stefan Cohen, principal at Bain Capital Ventures said in an official press release:
Crusoe has demonstrated its capability for high-caliber, safe and efficient operations since we led the team’s seed financing in early 2019. Over this time, we’ve gained confidence in Chase, Cully and the growing Crusoe team, and strongly believe in their ability to tackle the energy industry’s flaring dilemma in this next stage of company growth. There is now a proven and scalable alternative to flaring, and Crusoe’s trajectory is also poised to produce exciting new cloud computing resources for the technology industry.
The company’s initiative will continue to drive the adoption of Bitcoin. A recent survey revealed that among millennials Bitcoin-based ETFs are an attractive investment option. In addition, adoption is expected to continue to grow steadily over the next decade. Companies like Crusoe Energy contribute to this trend. They are also proof that Bitcoin and the activities related to the cryptocurrency can be incorporated into the real world.
The price of Bitcoin stands at $ 7.596 USD with a slight gain of 0.43% in the last 24 hours.
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