Oman will start using associated gas for bitcoin mining

The pilot project aimed at reducing emissions will be launched in late 2022 or early 2023

02.06.2022 - 10:00

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What’s new? Generators and equipment for bitcoin mining will be deployed in the Omani capital, Muscat. The new farm will use associated petroleum gas (APG) in order to reduce its emissions. This is reported by Bloomberg.

News on the Bloomberg website

What else is known about the project? It will be implemented jointly with Crusoe Energy, a US company that specializes in providing technological solutions for mining at the expense of oil and gas. According to Crusoe’s CEO Chase Lochmiller, the company’s presence in the Middle East is very important as the region accounts for 38% of the world’s burning of excess associated natural gas.

The pilot project for BTC mining in the Middle East is expected to be launched by late 2022 or early 2023. It is known that the Oman Investment Authority was involved in Crusoe Energy’s funding round in April. The total amount of funds raised in the round amounted to $505 million.

What events happened before? In March, Exxon Mobil announced plans to mine cryptocurrencies in the oil fields. The industrial giant entered into an agreement with startup Crusoe Energy Systems to use associated gas as an energy source.

In October 2021, Russian oil producers also proposed mining cryptocurrencies in the oil fields using associated gas.

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