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Miners from the American company Crusoe Energy promised to help the authorities of the Sultanate of Oman to solve energy and environmental problems.
Against the background of the persecution of those who mine cryptocurrency with the help of PoW, the American energy company, which is also engaged in mining, decided to enter the market of the country on the shores of the Persian Gulf. Crusoe Energy is launching production in Oman, which exports 21% of all natural gas to the global energy market. The Americans offered the authorities of the sultanate a solution to the problem associated with the flaring of gases accompanying gas production.
The company will open an office in the capital Muscat and install its equipment for capturing gas waste from wells. Businessmen have already discussed plans for cooperation with the largest energy producers of Oman, OQ SAOC and Petroleum Development Oman.
According to Crusoe CEO Chase Lochmiller, the first pilot project will be launched by the end of the year or early 2023. In an official statement, Lochmiller emphasized his company’s mission: to strengthen its presence in the Middle East and North Africa:
“We are looking for support from countries that are actively trying to solve the flare gas problem.”
The businessman drew attention to the fact that the sharp discussion around the ethical aspects of the use of fossil fuels in the mining of cryptocurrencies remains one of the key topics of the industry. Against this backdrop, the partnership between the Denver-based company and the government of the gas-rich Middle Eastern country offers the prospect of demonstrating the positive role of cryptography in reducing fossil fuel waste.
The interest of the Government of Oman in the partnership is due to the desire to reduce harmful emissions in the process of hydrocarbon production. Together with Algeria, Iraq, Libya, Egypt and Saudi Arabia, Oman accounts for 90% of the flaring of the entire Arab region. And the region itself accounts for 38% of the world’s emissions. In 2018, according to the un special commission, 10% of all gas consumption in Oman accounted for flares burning in the fields.
In May, Geneious analyst Daniel Batten said that mining bitcoin by burning methane from a variety of sources, including gas flares, would reduce the carbon footprint and the threat of global warming.
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