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Author: Admin | 2025-04-28
Texas. However, because Texas is more permissive of venting and flaring, these estimated numbers are considered artificially high compared to other oil producing states. When venting or flaring is heavily regulated or fined in a state, producers are incentivized to underreport what is happening on the well site.Some rough estimates say that twice as much gas is vented or flared versus what is reported. This is enough energy to double the current bitcoin hash rate (approximately 200 exahash of wasted power at present difficulty).The Opportunity In Waste Natural Gas With eyes wide open to the vast amounts of natural gas wasted or lost every day, Ortolf found himself connecting two disparate universes — that of Bitcoin and oil and gas.“There was an article about the mining death spiral. That term intrigued me then. Now understanding mining, it’s just FUD (Fear, uncertainty and doubt). It’s a market function. But being a naive person I thought Bitcoin was just another internet money scam.” Understanding energy, Ortolf wanted to understand how this magic internet money scam actually worked. He thought, “I bet you the guys that are pulling the strings are the miners. I bet you I can figure out how they’re doing it. So I went to go learn about mining to figure out how these guys were scamming everybody.”After researching the Bitcoin protocol and how mining worked in the system, Ortolf came to an unexpected conclusion, “Holy sh*t, you can’t rig this game, nobody can cheat this game — you can’t
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