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Oil drillers and Bitcoin miners bond over natural gas – Reuters

Reuters – Industry experts and academics who study energy uses say there are fewer than 10 large-scale Bitcoin mining companies in North America that run on stranded natural gas. Many cryptocurrency miners run smaller operations in the United States and Canada – some fueled by a single well.

But some major oil companies have signed on.

In North Dakota, a top oil-producing state, Norway’s Equinor ASA and Canada’s Enerplus Corp are among those that have used such mining to reduce flaring, company spokespeople confirmed to Reuters.

Denver-based Crusoe Energy Systems Inc is one of the continent’s largest Bitcoin mining companies using otherwise stranded gas. It expects to double its current staff of 55 this year, said co-founder Cully Cavness.

Crusoe has about 40 mobile containers in oil shale basins. It plans on increasing that number to 100 after receiving $128 million in financing last month from investors including Chicago-based firm Valor Equity Partners LP and Lowercarbon Capital.

Crusoe’s partners have included Kraken Oil & Gas Partners LLC, which produces about 10,000 bpd of oil, making the company the largest oil producer in Montana.

Read the complete report at Reuters. 

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