Fri. Jul 1st, 2022

The Oman Investment Authority, a sovereign wealth fund, participated in the $350 million Series C funding round from Crusoe Energy, the Denver-based company that pioneered reducing gas flaring with the help of the bitcoin mining, reports Bloomberg. Crusoe Energy CEO Chase Lochmiller says the company will open an office in Muscat, Oman’s capital, to capture flared gas and use it for mining. The term “gas flaring” refers to excessive gas flaring associated with oil drilling. The practice routinely faces criticism from environmental activists as it is a major source of greenhouse gas emissions. While Crusoe Energy claims it can greatly reduce emissions related to burning, it is still far from a darling of climate activists, as the Bitcoin mining process itself is an energy-intensive business that relies significantly on mining. of fossil fuels. In March the company reported that it had joined forces with US energy giant ExxonMobil to work on a pilot project that would supply flared gas to bitcoin miners.

Crusoe Energy also counts Canadian oil company Enerplus and Oklahoma City-based Devon Energy among its clients. It is expected to start its first pilot gas project for Bitcoin in Oman next year. The Bitcoin price is down 31.29% so far this year, but Lochmiller says the big correction won’t affect the company’s ambitious expansion plans. Disclaimer: The information found on CryptoReport is that of the cited writers. It does not represent the opinions of Criptoinforma on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. See the Legal Notice for more information.

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