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Middle East Oil Producers, Sovereign Wealth Funds of Abu Dhabi and Oman, Move Into Bitcoin Mining With Crusoe Energy Stakes

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by COINS NEWS 166 Views

This is actually a huge deal. It happened last month and completely flew under the radar somehow.

As someone who has worked in the energy industry, anyone will tell you the biggest hindrance to renewable energy production is subsidizing cost of research and build out. Bitcoin does this better than anything else. Every energy producer will become a Bitcoin miner. It's just common sense. On top of this, Bitcoin is becoming a key player in the US to combat methane emissions in oil fields.

Crusoe's patented flare mitigation technology uses Bitcoin mining to cut methane emissions by up to 98%. After starting out in Texas and few other states in the US couple of years ago, they're now expanding internationally to middle east, Russia and Australia and raised $850 million in two funding rounds this year including multiple sovereign wealth funds.


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