Brazilian oil giant Petrobras is taking a novel approach, using waste gas to power a bitcoin mining operation.
Gas flaring is how oil companies burn excess gas, sometimes to reduce pressure in wells for safety reasons. But they may also do so to save money. Either way, the practice contributes to polluting the atmosphere, which harms human health and drives the rapid rise in Earth’s temperatures.
In 2021, gas flaring added the equivalent of over 400 million tonnes of carbon dioxide to the environment, according to the BBC, and it has produced 40% of the black carbon, or soot, that has reached the Arctic and is melting the ice there.
Instead of wasting this gas, Petrobras is working to use it and create a new revenue stream at the same time, The Currency Analytics reported.
“This innovative approach reflects the company’s dedication to sustainability and efficiency, turning waste into an energy resource while contributing to global environmental goals,” the outlet stated.
It noted that “transforming waste into valuable energy” increases Petrobras’ energy efficiency, cuts its carbon pollution, and boosts its financial opportunities.
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The company, which says it reduced its “absolute emissions” by 41% from 2015 to 2023, is also investing $5.3 billion in decarbonization efforts until 2029. In 2008, it was named the world’s most sustainable oil company.
But oil is oil. While using flared gas to power cryptocurrency efforts may be greener than burning dirty fuels to do so, there are much cleaner options. Solar and wind energy are renewable, and while they are intermittent, developments in battery storage help those clean energy sources fuel other crypto operations.
In fact, the industry is looking to lead the way in the transition to less polluting forms of power.
Some organizations are also changing their methods of mining coins to reduce crypto’s impact on the environment. Ethereum, for example, slashed its energy usage by 99.95% by switching to proof-of-stake mining. According to The Verge, the Crypto Carbon Ratings Institute estimated the move took the platform from 11 million tons of carbon pollution per year to 870 tons.
While certainly a different method, Petrobras is looking to follow in similar footsteps. The Currency Analytics noted that other energy companies could follow suit or develop similar projects. While burning fossil fuels such as natural gas is inherently polluting, the world isn’t going to abandon dirty energy anytime soon, so a wide-scale change in the use of flared gas could mark a pivotal moment for sustainability in the industry.
“This move also has broader implications for the energy sector,” the outlet stated. “As more companies look for sustainable ways to utilize energy byproducts, Petrobras sets a new example for combining environmental responsibility with technological advancement.”
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