Natural gas glut can become power for cryptocurrency mining capacities

Posted 07 May, 2019

Crusoe Energy Systems Inc. has announced the completion of the seed funding round with the investments reaching $4.5 million. The round was reportedly led by Bain Capital Ventures and Founders Fund Pathfinder along with Winklevoss Capital Management run by well-known Winklevoss twins.

According to the press release published on the company's website, Crusoe offers Digital Flare Mitigation service by "converting natural gas to energy-intensive computing". This service represents mobile modular data centres that can be used for mining cryptocurrency. This can help oil and gas producers eliminate emissions of associated gas into the atmosphere because oil wells and reserves are too large. This process will help to achieve almost complete (99%) evasion of volatile organic compounds, oxides of nitrogen and carbon monoxide.

“We are committed to building advanced technologies for flare mitigation that are capable of handling the large-scale gas throughputs required by today’s North American shale industry. Crusoe’s technology harnesses otherwise wasted energy for growing industries that require energy intensive computing, such as blockchain and artificial intelligence.” - stressed Chase Lochmiller, Co-Founder and CEO of Crusoe.

This project transforms excessive natural gas into electricity and creates small data centres near drilling sites for mining cryptocurrency. As the released information reads, Crusoe Energy Systems provides innovative solutions for the energy industry.

Currently, the company keeps expanding the business and works on the projects to explore the Bakken fields in North Dakota, the fields in the Powder Basin in Wyoming and the fields in Denver-Julesburg in Colorado.

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