Bitcoin for Gas: Colorado Oil and Gas Companies are Channeling Excess Flaring to BTC mining
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Jaffe explained that at least 6 oil and gas companies have employed gas-to-Bitcoin flare mitigation systems in the state.
The author narrated that the increasing number of Bitcoin flare mitigation sites in Colorado was a bit of an irony, considering that the state’s oil and gas regulatory agency, the Colorado Oil and Gas Conservation Commission (COGCC), has placed a ban on gas flaring. As such, oil and gas companies operating in the state of Colorado must connect to a designated pipeline to mitigate the excess gas.
Companies that fail to comply with the COGCC’s directive will be shut down. That said, Jaffe noted in the report that the COGCC is aware of these oil and gas companies channeling excess gas to gas-to-bitcoin solutions. The author noted that a COGCC spokeswoman told the Colorado Sun that “it is definitely on our radar” when quizzed on the matter.
Jaffe further noted that while some operations are “making quite a bit of coin,” some have been shut down. Citing examples, the reporter explained that Renegade Oil and Gas partnered with Datahawk Energy, and Adams County’s oil and gas inspector shut the business down.
Key Bitcoin Levels to Watch — August 30
Bitcoin continues to hold along the $20K mark, although slightly below the mark. Traders believe that as long as the candle remains close to this line the cryptocurrency has a chance of plugging additional declines.
However, it’s looking gloomy by the day for BTC, as events in the macroeconomic space threaten further bearish price action for the flagship cryptocurrency. At this point, a bearish slump to the $18K base, near the multi-month low of $17.6K, seems significantly likely in the coming days.
Meanwhile, my resistance levels are at $20,000, $21,000, and $21,700, and my key support levels are at $19,000, $18,000, and $17,500.
Total Market Capitalization: $954.8 billion
Bitcoin Market Capitalization: $375.5 billion
Bitcoin Dominance: 39.3%
Market Rank: #1
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