Crusoe Energy is a Bitcoin mining company that takes advantage of flared gas that would have otherwise been wasted energy to power their Bitcoin mining equipment.
The explosive incident occurred near one of Crusoe's mining operations, but was luckily far enough away to effect anyone or any mining rigs. The direct cause of the explosion remains unknown.
Images of the explosion circulated through Telegram and Twitter on Monday, as it appeared the fire had occurred at an oil well in North Dakota where Crusoe Energy operated.
Flaring with Exon
The company is partnering with Exxon to use flared gas at Exxon’s North Dakota oil wells to energize their bitcoin mining operations.
Flaring is natural gas being burned off into the atmosphere and is a part of oil drilling operations. This process is under scrutiny since U.S. President Joe Biden pledged to cut methane emissions from oil and gas operations.
Crusoe among other Bitcoin miners have built their business by turning flaring from an operational and regulatory risk for oil and gas companies, as well as an existential risk for our planet, into a win-win situation. In general, Bitcoin miners don’t just mitigate flaring emissions, they capture the gas preventing it from entering the atmosphere, and convert it into energy to power Bitcoin mining operations.
Despite the scare, mining with stranded energy sources is still a plus for Bitcoin miners who continue to innovate to maximize the efficiency of their infrastructure, and remain environmentally aligned.