While governmental regulations and wavering popularity have influenced how these companies conduct business, the need for improved operating procedures and products has grown exponentially.
Here, the oil and gas industry has identified a need and found a way to accommodate it while winning on another front.
Compass Mining, a primary hardware provider, utilized incredible foresight to construct equipment that the oil and gas industry needed to enter the bitcoin mining genre.
Compass Mining might be new to the industry with its 2020 start but has become a leading hardware provider.
According to Gibbs, the oil and gas industry offers a phenomenal power source for bitcoin mining.
The industry contains the potential to produce fuel for increased power levels at multiple vantage points throughout the industry.
Harnessing this gas allows oil and gas companies to prosper from a byproduct that is generally considered waste.
Carbon credits are tradable certificates representing the ability or right to emit a specific amount of carbon dioxide or an equal amount of greenhouse gas.
Once the potential power source has been established, bitcoin mining in the backyard of oil and gas offers an even more immense upside with minimal downside.
Compass Mining’s hardware can be shipped, plays a crucial role in needing little infrastructure, and, instead, setting up where a current project is taking place.
When the drilling rig completes its scope of work and travels to a new location, in theory, the Compass ASICs would follow the transport.
At each location where drilling takes place, the byproduct of gas is captured simultaneously to generate income, save on expenses, and do its part in healing the planet.
While oil and gas bitcoin mining might seem like a brand new concept, well-known industry leaders have embraced the process.
While no drilling rig sits atop the Earth in JAI’s play, the Compass hardware operates on the same premise.
Compass Mining’s hardware support provided to firms like JAI Energy only solidifies the diversity that Bitcoin mining can add to a significant oil and gas company’s portfolio.
With companies seeking diversification to remain competitive and, in some cases, to stay afloat, bitcoin mining increasingly turns heads as a viable method of earning a profit.
Whether bitcoin mining rides the coattails of drilling operations or is added to a wellbore after the rig has departed, the funds have been allocated and depleted in staging that site for the current process.
Vaccaro also contributes to SHALE Oil and Gas Business Magazine, Louisiana Sportsman Magazine, and follows and photographs American Kennel Club field and herding trials.
Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.