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Mining company wants to ensure less combustion of excess natural gas

 


As discussion of the use of fossil fuels for cryptocurrency mining continues to draw criticism, an unexpected partnership between a Denver-based mining company and a small Middle Eastern state is beginning to paint a bleak picture of cryptocurrency's natural gas consumption to turn to the positive.


As reported by Bloomberg on June 1, the American Crusoe Energy, which specializes in using surplus energy for mining cryptocurrencies, wants to work together with Oman to ensure that the gas-rich country will no longer burn surplus gas by 2030 got to.


For this purpose, the American company wants to set up a branch in Muscat, the capital of Oman, and install the necessary equipment for extracting the excess gas deposits at the production sites. In order to also ensure the special expertise, the company has also held appropriate workshops with OQ SAOC and Petroleum Development Oman, the two largest natural gas producers in the country. According to Crusoe CEOChase Lochmiller, a first pilot test should be carried out towards the end of the year or early 2023.


The Oman government is also interested in the partnership because it is determined to reduce the burning of excess natural gas. Along with Algeria, Iraq, Libya, Egypt and Saudi Arabia, Oman accounts for approximately 90% of all flaring in the Arab region, which in turn accounts for 38% of flaring around the world. According to UN estimates , almost 10% of natural gas consumption in Oman in 2018 was due to such combustion.

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