Permianchain CEO Mohammed El-Masri says his company has harnessed waste energy to mine Bitcoin (BTC). By doing so, it prevents environmental pollution. Currently, more than 270 users make use of Permianchain services.
Northern Canada has become a safe haven for a number of miners looking for the cheapest possible energy. They buy shipping containers where they store equipment and connect to local power plants. Permianchain, a Saudi-Arabia backed company, offers alternative energy sources to miners, by putting into operation gas wells abandoned due to logistical difficulties.
Permianchain CEO Mohammed El-Masri told Al Arabiya English how his company uses energy without harming the environment. “Bitcoin that’s being mined on site in these remote areas can be put back into the local community to build hospitals, community centres, so there’s a lot of wasted resource that could be monetised and put back into the economy,” he said.
Permianchain services are used by about 270 Bitcoin farms located all around Canada. The company offers a sustainable solution that includes the necessary equipment, access to electricity, maintenance, and security for a fee.
Permianchain recently received a significant investment from Saudi Arabia’s Herz Investment Company, in addition to having backers in the UK and Dubai. In the future, the company plans to use the gas produced as a by-product of oil drilling, which is often burned because of high storage and transportation costs.
Permianchain’s solution is to sell ‘digital energy currency,’ which corresponds to a certain amount of energy that can be produced by a site. These tokens can then be purchased and used for BTC mining.
According to the International Energy Agency (IEA), about 142 billion cubic meters of gas were flared in 2020 alone. This amount would have been enough to meet the natural gas demand of the whole of Central and South America. Permianchain is determined to “monetise it in a clean way to benefit social and economic development.”
Let’s hope that the company will be able to fulfil its plans and alleviate the issue of environmental pollution. In any case, this is an initiative worth looking into.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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