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Why is Shell Going Full Power into Bitcoin?

Why is Shell Going Full Power into Bitcoin
Why is Shell Going Full Power into Bitcoin

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Cryptocurrency prices are dropping this year, but this seems not to affect the adoption of crypto assets, especially Bitcoin. Shell, one of the largest oil and gas companies globally, has signed a two-year agreement deal to sponsor the 2023 and 2024 Bitcoin Conferences.

Shell is going all in on Bitcoin

Shell is interested in boosting the energy costs of mining Bitcoin using the company’s lubricant and cooling solutions. While speaking on this development, the US immersion cooling lead at Shell Lubricants, Darin Gonzalez, said that Shell Lubricants wanted to give customers alternatives to reducing their carbon footprint. Using immersion cooling fluid, Shell would give customers another alternative to reduce their carbon footprint.

Gonzalez also added that Shell Immersion Cooling Fluid S5 X would be part of the solutions that would be implemented. It is designed to lower energy costs and emissions by “high cooling efficiency, flow behavior, and excellent thermodynamic properties.”

It is not the first time that Shell is exploring the potential of its immersion cooling solutions to support its data centers. In a recent release, the oil and gas company said that data centers like the ones used to mine Bitcoin accounted for 1% of the energy consumed globally. A third of this came from cooling solutions.

If Shell joins the Bitcoin mining sector, it could be a positive development for Bitcoin. Shell joins the list of companies showing interest in Bitcoin and the entire cryptocurrency space. Shell, one of the Bitcoin Conference’s partners, could be a major drive toward adoption.

The Bitcoin Conference is a cryptocurrency conference and music festival event that takes place in Miami. The four-day event brings together experts across the industry, investors, and enthusiasts, where they engage in open pane discussions about Bitcoin and the crypto industry.

Oil and gas companies are studying Bitcoin mining

Shell is not the only giant oil company seeking to venture into Bitcoin mining. Duke Energy Corporation, the second-largest energy company in the United States, is currently showing interest in Bitcoin mining.

The Chief analyst at Duke Energy, Justin Orkney, said that the company had launched a study into the demand for Bitcoin, adding that it sought partnerships with miners who were part of the Duke DR programs.

The news of oil and gas companies venturing into mining comes amid the financial woes facing Bitcoin miners. The Bitcoin mining hash rate recently hit an all-time high, increasing the difficulty for miners. This comes amid dropping cryptocurrency prices, with BTC struggling to stay above the $17K levels.

These events could hamper miners’ profitability and make it too expensive to remain in business. Compute North, one of the largest Bitcoin miners, filed for bankruptcy on September 22, 2022.

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