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The amount of energy consumed during cryptocurrency transactions has been a heated topic. Some countries are even considering a ban on proof-of-work (PoW) mining, but this has not prevented the expansion of crypto mining activities.
US energy company to launch crypto mining in Oman
One of the contentious issues about crypto mining is the use of fossil fuels to facilitate the process. Despite these issues, crypto mining activities have remained significantly high, with the Bitcoin mining hash rate reaching an all-time high earlier this year.
Recently, a mining company based in Denver, Crusoe Energy, announced a strategic partnership with the government of Oman. Oman is a gas-rich country in the Middle East. Through this partnership, the company aims to cut fossil fuel waste.
Crusoe Energy is an operator of repurposing wasted fuel energy into the crypto mining process. The company is set to have a massive operational base in Oman, given that the country exports 21% of its gas production, and it is planning to achieve zero gas flaring by 2030.
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Crusoe Energy is now planning to open a new office based in Muscat, the capital city of Oman. It will install equipment needed to access gas wastes and different sites. The company also plans to set up the equipment needed to access the gas waste at well locations.
The energy company has already attended a workshop with some of the largest energy producers in Oman. Some of these producers include Petroleum Development Oman and OQ SAOC. The pilot phase for this partnership will commence towards the end of this year or at the beginning of next year, according to the CEO of Crusoe, Chase Lochmiller.
Oman accounts for a large amount of gas flaring
The Oman government will benefit from this partnership because it will lower the country’s gas flaring. Alongside other countries like Algeria, Egypt, Iraq, Libya and Saudi Arabia, Oman accounts for 90% of the flaring in the Arab region. The region accounts for 38% of the global flaring levels.
In 2018, an estimate by the UN Economic and Social Commission for the Western Asia region said that 10% of the gas consumed in Oman went towards flaring. “Having the buy-in from nations actively trying to solve the flaring issues is what we are looking for.” This partnership could solve the main issues of fossil fuels in the crypto mining industry.
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