Venezuela will mine bitcoin with natural gas

The Monagas state, in eastern Venezuela, will use natural gas from oil fields in cryptocurrency mining

The government of the Monagas state, located in the East of Venezuela, announced during a recent event called Monagas Innova, that they will create bitcoin mining farms, in which surplus natural gas from oil fields will be used.

The objective behind this initiative is to promote sustainable mining in the crypto environment. Hence, the bitcoin mining farms will be fed with natural gas from oil fields, according to Richard Orea, who leads this project.

Monagas produces about 80 % of the natural gas that is consumed throughout the territory of the Caribbean country. However, currently, according to Orea, there is a surplus that can be used for cryptocurrency mining, through a strategic association with Coin Factory.

It was learned that the Coin Factory model is based on the rental of mining equipment to third parties (hosting) in special containers with the necessary characteristics for this activity.

Orea stressed that they seek to make bitcoin mining accessible to anyone, “hosting their machine in these containers.”


Source: criptohoy

(Photo: Image by PIRO, via Pixabay)

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