Equinor Partners With Crusoe Energy To Reduce Carbon Waste
It is revealed that generally, energy companies flare excess natural gas which releases immense amounts of carbon in the atmosphere. Now, this excess gas will be used to generate electricity that will be used for Bitcoin mining.
Crusoe will buy electricity generated by Equinor
It is quite clear that Bitcoin mining requires a huge amount of energy and because of this, miners are seeking different ways to reduce electricity consumption. Now with this partnership, Crusoe will be buying the electricity that has been generated by Equinor. The firm will be generating electricity from the excess gas at its oil field in Bakken, North Dakota.
According to Crusoe, this initiative of generating electricity from excess gas is called “digital flare mitigation”. Both the companies are aiming to reduce the routine flaring at Bakken through this partnership. The reports reveal that currently, the site emits around 20,000 tons of scope 1 carbon, each year.
Energy companies do not need to invest heavily on infrastructure
Crusoe Energy will be providing a solution to the flaring problem while drilling oil and gas. With this, the energy companies do not even need to invest heavily to build new infrastructure. Equinor is not a firm that will be involved in Bitcoin mining as the main purpose of this firm to sell energy to Crusoe. Lionel Ribeiro, Equinor’s project leader has said,
“Mining cryptocurrency requires a lot of electricity to power computers, while a valuable commodity is wasted, and carbon emissions are created when we flare. By connecting these inverse pairs, we can satisfy both needs with no cast to the market expense."
