THE WOODLANDS, TX— Until recently, oil producers were left with little option but to flare toxic methane waste emissions, which for decades has resulted in the release of one of the most potent greenhouse gases into the atmosphere. According to the Texas Railroad Commission, the amount of gas flared in Texas alone was over 5 billion cubic feet in 2021.
Now there is an economic solution to flaring that is acceptable to both government and industry. Using the enormous amounts of wasted gas as an on-site fuel source, O&G operators can offer Bitcoin miners the gas to power their mobile data centers and effectively convert the operator’s flaring expense into a profit center, eliminating a colossal source of carbon emissions in the process. It’s a win-win for the environment, oil companies and miners.
MinerBeast is at the forefront of helping O&G companies monetize their wasted gas – turning polluting emissions at production sites into a source of new climate-friendly revenue as they extinguish their flares. An affiliate of Electricity Club (a leading energy procurement company since 2011), MinerBeast connects O&G operators with qualified Bitcoin mining companies, and provides carbon credit services, financial modeling and other expertise. The company launched its new MinerBeast.com online platform this month featuring its Flare Gas Guide, gas mining videos and online learning courses.
The trend of phasing out natural gas flaring during oil production has recently accelerated due to new pressures from oil companies like Exxon, insurance carriers like Chubb, and state regulatory bodies. The timing is opportune as the Texas Senate and House just passed HB-591 which allows oil and gas operators to gain tax benefits when gas is consumed near the well (e.g., to power Bitcoin mobile data centers) that would otherwise have been flared.
“Bitcoin mining can substantially cut the enormous volume of flare gas emissions, since gas at well sites which is normally flared can be profitably used to run data centers for mining,” says Eakin, MinerBeast’s president.
Eakin is a past recipient of the Ernst & Young Entrepreneur of the Year Award for the Energy Sector.
Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.