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Oil Producers and Bitcoin Miners meet in Texas to discuss cooperative mining possibilities

Oil Producers and Bitcoin Miners Meet in Texas to Discuss Cooperative Mining Possibilities

Last week, oil producers and miners met in Houston to discuss possible on-site cryptocurrency mining opportunities. More than 200 investors attended the meeting to talk about an alliance, that would allow oil producers to make more efficient management of their resources and miners could take advantage of direct sources of energy that would be wasted otherwise.

Miners and Oil Producers Meet to Discuss Bitcoin Mining

Last week, several oil producers and miners from bitcoin met in Texas to discuss the potential for on-site mining by Texas energy producers. This meetup was held in Houston’s vehicle warehouse. It served as an opportunity to discuss these possibilities. Oil wells that don’t have the resources to build pipelines are often able to burn the natural gas pockets found on-site.

However, bitcoin (BTC) mining can provide a better solution. The natural gas can be used for power generation that would then feed the micro-mining operations at each well. This arrangement would benefit both producers and miners. It would also be beneficial for the environment as it would not require the gas to be burned to make it available to the atmosphere.

Parker Lewis, part of the people organizing the meeting, stated to CNBC he was confident in the success of the meetup. He said:

” I knew Houston would explode due to its energy connection to mining. If we organize a good meetup .”

Hayden Griffin Haby III was created from the combination of these two worlds. He is an oilman who is also a Bitcoin miner. Haby said that he was able to understand the potential return of a bitcoin mining company and he had to get on board. He stressed:

When it was announced that gas could be bought for as much as a fraction of the cost of burning it, I was elated.

Taking Advantage of China’s Ousting

One of the key targets of Texas’ oilmen is to capture the numerous bitcoin mining entrepreneurs that are still looking to relocate their operations after being ousted from China. Alejandro de la Torre, one of these miners, is still shipping mining equipment from China to the U.S. These miners are currently on several Pacific ships, waiting to be delivered to the ports.

However, many of these deals are secret and not disclosed to the public. Nondisclosure agreements protect some deals. Other players in the industry don’t want to discuss their relationships, as it could give them an advantage over others.

What do you think of the exploitation of on-site energy opportunities by Bitcoin miners? Let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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