The initiative is expected to see the light of day by the end of 2022 or at the beginning of next year.
On June 1, Crusoe Energy, a US-based company that developed Bitcoin (BTC) mining by exploiting discarded natural gas as a source of power, partnered with the Oman Investment Authority (OIA), according to the official report.
With such collaboration, Oman’s government seeks to reduce gas flaring in the country, meaning that it plans to cut down the burning of natural gas associated with oil extraction.
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“This investment highlights OIA’s pioneering efforts in attracting advanced technologies to the region. Crusoe’s Digital Flare Mitigation technology will serve various sectors in our region, including oil and gas, power generation and ICT.”
Oman aims to completely eliminate gas flaring by 2030.
The CEO Chase Lochmiller stated that Crusoe Energy is expected to start working in Oman by opening a new office to support the installation of mining equipment and power generators to capture gas waste at well sites.
In fact, Crusoe Energy has already established a workshop in partnership with QQ SAOC, the national petroleum investment company of Oman, and Petroleum Development Oman (PDO), the leading oil and gas exploration firm in the Sultanate.
Oman, including other countries such as Iraq, Libya, Algeria, Saudi Arabia, and Egypt is responsible for 90% of flaring in the Arab region. On top of that, North Africa and the Middle East are responsible for roughly 38% of global faring.
Lochmiller also implied that Crusoe Energy seeks to assist the local governments located in Northern Africa and the Middle East in coping with flaring. He added:
“Having the buy-in from nations that are actively trying to solve the flaring issues is what we are looking for.”
For many years, the use of fossil fuels in cryptocurrency mining has been a contentious ethical issue. However, such a collaboration might pave the way for cryptocurrency to play a beneficial role in decreasing fossil fuel waste.
Last year, Iran stated that it would pause all authorized cryptocurrency mining in an attempt to save fuel for district heating. The authorities implied that this will cut the usage of fuel by at least 40%.
