BTC firm Crusoe energy managed to raise $505 million in order to grow its gas mining businesses and will use digital flare mitigation to repurpose the untapped natural gas into electricity for BTC mining as we can see more today in our latest Bitcoin news.
The idea behind the company’s operations is not to waste energy and that’s why it converts natural gas that otherwise goes into waste but rather that it will be used for BTC mining. The US company announced that it raised $350 million in a Series C round led by G2 Venture Partners and the round brought back investors from other rounds and among them is Polychain Capital, Winklevoss Capital, and Bain Capital Ventures.
In addition to the Series C Equity Crusoe raised, it secured up to $155 million in credit from SVB Capital, Generate Capital, and Sparkfund to give a total of $505 million to play with. BTC firm Crusoe said the funding will allow it to hire about 100 additional employees to join the 157-person staff while helping it scale the BTC mining and compute operations both in the US and abroad.
The key to Crusoe’s strategy is the trademarked Digital Flare Mitigations system that the company says provides a low-cost solution and eliminates routine flaring. Flaring is a process of burning natural gas whcih cant be moved or captured but it is an inefficient use of resources from the gas companies’ perspective and more economical than trying to actually use the gas. Crusoe helped pioneer the process of using the excess natural gas and creates electricity and power BTC mining machines that are positioned onsite so this way the gas is not burned and doesn’t have to be moved somewhere else.
BTC came in for criticism from environmentalists for their own intentional inefficiencies so miners are incentivized to use electricity-hungry machines that put stress on the grid still reliant on the carbon-emitting power sources. Flare mitigation works against the argument because using excess gas to mine BTC and it is cleaned that burning and puts more carbon into the air but the environmentalists could argue that is just fueling the demand for more BTC.
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