Exxon Weighs Taking Gas-to-Bitcoin Pilot to Four Countries

Discussion in 'Crypto Assets' started by johnarb, Mar 24, 2022.

  1. SunTrader

    SunTrader

    Again. It is where they are located that matters.

    Grocery stores, restaurants and individuals throw away perfectly good food. Because the cost to collect and get it to those needy is prohibitive. Its a shame but it is also reality.
     
    #11     Mar 24, 2022
    johnarb likes this.
  2. deaddog

    deaddog

    Up here in the Frozen North they throw food away because the health regulations won't allow them to give it away.

    There has to be some kind of civilization close to where they are flaring. I'll bet there is some kind of regulation or subsidy or monopoly that prevents producing cheap power.
     
    #12     Mar 24, 2022
  3. M.W.

    M.W.

    Prolly nothing? ;-)

     
    #13     Mar 24, 2022
  4. Tokenz

    Tokenz

    That is a use, they are smart and helping us with the hash rate of Bitcoin. It's their power and they should decide what needs to be done with it, not you.
     
    #14     Mar 24, 2022
    johnarb likes this.
  5. johnarb

    johnarb

    I think you asked these questions before...

    Yes a waste, but it's the lesser evil of letting the gases escape

    It's too costly to transport or utilize


    https://www.cnbc.com/2021/09/04/bitcoin-miners-oil-and-gas-execs-talk-about-natural-gas-mining.html

    "For years, oil and gas companies have struggled with the problem of what to do when they accidentally hit a natural gas formation while drilling for oil. Whereas oil can easily be trucked out to a remote destination, gas delivery requires a pipeline.

    If a drilling site is right next door to a pipeline, they chuck the gas in and take whatever cash the buyer on the other end is willing to pay that day. “There’s no choice. There’s no middle finger. Whatever gas comes out that day has to be sold,” explained Haby.

    But if it’s 20 miles from a pipeline, things start to get more complicated.

    More often than not, the gas well won’t be big enough to warrant the time and expense of building an entirely new pipeline. If a driller can’t immediately find a way to sell the stash of natural gas, most look to dispose of it on site.

    One method is to vent it, which releases methane directly into the air – a poor choice for the environment, as its greenhouse effects are shown to be much stronger than carbon dioxide. A more environmentally friendly option is to flare it, which means actually lighting the gas on fire.

    “Chemistry is amazing,” explained Adam Ortolf, who heads up business development in the U.S. for Upstream Data, a company that manufactures and supplies portable mining solutions for oil and gas facilities. "
     
    #15     Mar 24, 2022
  6. Handle123

    Handle123

    Can you imagine all these companies get on the Bitcoin train at highs and then it does a Enron. It is like tullips in 1600's.

    https://en.m.wikipedia.org/wiki/Tulip_mania

    Gullible people buy into dreams.

    Don't matter to me, I will make money up or down in futures and hedge.
     
    #16     Mar 24, 2022
  7. SunTrader

    SunTrader

    So again what is the typically size fill for your 150 eMini lot positions?
     
    #17     Mar 24, 2022
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  8. SunTrader

    SunTrader

    Hey believe what you want.

    I'll stick with distance/cost/etc.
     
    #18     Mar 24, 2022
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  9. deaddog

    deaddog

    So a bitcoin miner is going to move out to the oil patch and set up camp. Doesn't he need internet access. What about social life or can this all be done remotely.
     
    #19     Mar 24, 2022
  10. SunTrader

    SunTrader

    I don't know. :D

    All I know is that is where the gas flares are - that are going to waste.

    But I would assume that yes, move out there, access net via sat connection and mine away.

    As for social life aren't bitcoin miners geeks? :)
     
    #20     Mar 25, 2022
    johnarb likes this.