The multinational energy company Equinor has announced a new partnership with Crusoe Energy Solutions to mine bitcoin.
According to a report by Arcane Research, the Norwegian state-owned Equinor is entering the crypto economy via the pursuit of bitcoin mining. The report claims Equinor intends to exploit natural gas being flared as a “byproduct” from the extraction of oil in the North Dakota Bakken oil field.
Equinor plans on using the excess flaring to generate electricity for bitcoin mining, and will be entering a strategic partnership with startup Cruscoe to assist in the operation.
Lionel Ribeiro, project leader in GLU, called the partnership a solution for both crypto mining and energy production.
He said,
Mining cryptocurrency requires a lot of electricity to power computers, while a valuable commodity is wasted, and carbon emissions are created when we flare. By connecting these inverse pains, we can satisfy both needs with no cost to market expense.
Hans Jakob Hegge, US country manager for Equinor, said the company needed to be bold in its pursuit of new technologies. He called innovation a “fundamental strategic pillar” for the company to achieve its climate roadmap ambition.
Equinor is one of the world’s largest energy companies, with operations in over 30 countries.
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