Bitcoin miners and oil producers meet in Texas, over possible alliances towards greener Bitcoin mining
With the upcoming changes the possibilities of wider acceptance amongst institutions increases
Bitcoiners now have another reason to rejoice, Bitcoin miners and oil producers meet in a vehicle warehouse, housing vintage rides. Nearly, 200 oil and gas executives and bitcoin miners were present at the meeting. The focal point of the meeting was about on-site crypto mining opportunities. Buckle up as we get you more insights.
What outcome would the alliance bring in?
The alliance would allow oil producers to make more efficient management of their resources, and miners will be able to take advantage of direct sources of energy that would be wasted otherwise. Due to the lack of feasibility in building pipelines for the resources to be transported, the natural gas pockets are usually burnt.
Consequently, BTC mining can reduce the wastage of resources, as natural gas can be used to power the generators. Which in turn can power the systems onboard mining. The alliance will enable miners to reduce, emissions to a greater extent.
Time to regain the glory?
It is known to the masses, that Tesla had suspended vehicle purchases using Bitcoin, over environmental concerns. Elon musk had also confirmed that Tesla will be using it for transactions, once mining is done in a more sustainable way.
However, later a meeting was held between Michael Saylor, Elon Musk, and executives from major Bitcoin miners in North America. Where the miners have agreed to form the bitcoin mining council to promote transparency in energy usage and accelerate sustainability initiatives worldwide.
The objective of the council also includes standardization of energy reporting requirements, setting of industry-wide environmental, social, and corporate governance (ESG) goals, and additionally educate and empower the growth of the marketplace.
3 problems 1 solution!
China’s dominance in crypto mining is largely owing to affordable electricity prices and large land availability for infrastructure-related activities. However, stringent laws by the Chinese government might impel miners lookout for alternate locations. The alliance will turn fruitful to all the miners in general.
Reduced emissions and resource management will come a long way in benefitting BTC. Institutions might readopt BTC transactions, and influence wider acceptance of the coin. Eliminating one major shortcoming of the network.
Moreover, the wastage of resources will be reduced, yet turning beneficial for the fintech sector. The alliance if implemented would turn into a helping hand for the environment, and the depleting natural resources.
Summing up, the alliance would be a win-win situation if implemented. Accordingly, the price of BTC price might surge probably closer to the previous ATH of over $64k. Hopefully, mining will be taken up using alternative sources, like El-Salvador’s approach of using renewable energy from the volcanoes of the country.