Bitcoin with natural gas from the oil fields will be mined in the East of Venezuela

Bitcoin with natural gas from the oil fields will be mined in the East of Venezuela

The Monagas State administration in eastern Venezuela will use extra natural gas produced from its oil resources to fuel bitcoin mining operations. The concept was introduced at the Monagas Innova conference, the first cryptocurrency event ever organized in the area, where numerous projects to strengthen the local economy were also presented.

In an exclusive interview with CriptoNoticias yesterday at the conclusion of the Monagas Innova event, project leader Richard Orea said, "We want to use all the gas that is not being used and take advantage of it by generating electrical energy to power Bitcoin mining equipment, without altering the national power supply."

Despite the fact that Monagas produces 80% of the gas used nationwide, Orea added, there is still a sizable surplus. Natural gas is so difficult to move or capture that it is burned in oil fields.

According to experts in the oil industry, burning gas is really much more affordable than attempting to use it. However, there is now a substitute: using that extra natural gas to generate energy and operate the site's Bitcoin mining equipment. in a method that prevents burning and avoids moving the gas to another location.

In order to do this, the Monagas State administration collaborated with Coin Factory, a Venezuelan service provider for Bitcoin mining.

Is Bitcoin mining available to everyone in Venezuela?

The hosting or hosting of third-party equipment in containers especially made to maintain the functionality of hundreds of ASICs—the abbreviation for Specific Application Integrated Circuit—is the business model on which Coin Factory is founded. It is a chip, or piece of hardware, designed for Bitcoin mining.

"Our goal is for anyone interested to be able to house their machine in these containers and take advantage of the very cheap energy we will provide. In this way, you will mine bitcoin in an accessible, easy, safe way and with legal assistance. In short, we will have the best conditions for people to invest in Monagas in this way, since the funds generated were divided into three percentages, State [government of Monagas], operating company and owner of the team." -Richard Orea, president of the Monagas Public Charity Board.

The National Superintendence of Cryptoassets (Sunacrip), the organization in charge of ensuring that the Bitcoin mining business complies with the rules established in Venezuela, has maintained contact with the local administration, according to Orea.

"Sunacrip, with whom we have maintained contact, has given their support to our idea, which they view as fairly ambitious. For our part, we just made a few changes to begin with and, more importantly, we anticipated to see the expectations that were raised by the presentation at the Monagas Innova event, which was successful, "said Orea.

As previously reported by CriptoNoticias, the Lottery of the Orient inaugurated its platform for the selling of tickets for all of its draws using cryptocurrencies during the Monagas Innova event.

Article Credit: CriptoNoticias

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