Bengal Energy, a Canadian oil and gas company, is reportedly planning to use energy from “stranded” gas wells to power bitcoin mining operations. In addition, the company plans to put up 70 BTC mining machines within a portable building (donga) near the Cooper Basin.
In recent years, cryptocurrency mining has become a contentious issue. On the one hand, it is essential for proof-of-work assets (such as bitcoin) since it verifies transactions and generates new coins. On the other hand, it requires a significant amount of energy and may have a negative impact on the environment depending on the energy source used.
As a result, numerous firms have begun to search for new ways to power their supercomputers. According to a recent report in The Australian, Bengal Energy is the newest such firm. The latter is an international oil and gas exploration and production company that has had no past dealings with the cryptocurrency industry.
However, Bengal Energy’s Chief Operating Officer, Kai Eberspaecher, revealed that the company intends to join the bandwagon by installing roughly 70 bitcoin mining machines. Surprisingly, its power will come from “stranded” gas wells owned by the company’s partners, Santos Energy and Bridgeport Energy.
These energy sources are situated in a remote location in Australia’s Cooper Basin. Bengal Energy will need to repair its distribution pipelines before using the gas wells, which are now compounded by COVID-related supply chain concerns.
According to the report, if the trial is successful, Bengal Energy might earn between $2,000 and $5,000 per day from its bitcoin mining operations.
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