Companies use excess Middle East gas for BITCOIN (BTC) mining

Companies use excess Middle East gas for BITCOIN (BTC) mining

U.S. firm Crusoe Energue, which specializes in using surplus natural gas for Bitcoin BTC mining, will soon begin deploying generators and equipment to collect the flared gas in Muscat, the capital of Oman. Crusoe CEO Chase Lochmiller commented that the company considers its presence in the Middle East and North Africa region important because that location accounts for 38% of global excess natural gas flaring from oil wells.

📌 It is expected that the pilot project for the first deployment in the Middle East will be launched by the end of the year or at the beginning of 2023. Lochmiller said that while the state of the financial markets and Bitcoin BTC “certainly has some impact on the overall revenue, it will not affect growth and expansion plans.”

🔺 It is reported that the government of Oman signed an agreement with the World Bank to end flaring by 2030 and invested in Crusoe last year. In April of this year, Oman increased his stake in the company by investing $505 million.

☝️Oman is committed to reducing greenhouse gas emissions in accordance with the Paris Climate Agreement, said Ismail Ibrahim Al-Kharti, technology investment manager at Oman Investment Authorit.


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