MONEY

Cryptocurrencies: The Oil Industry’s New Hope

About General Information Cryptocurrencies

Cryptocurrencies: The rise of cryptocurrencies has covered all areas and aspects of society and the economy today; it is prevalent to hear that these virtual currencies are linked to technology.

Automotive industry and video games

Those are also closely related to the oil industry company.

Currently, the area of ​​hydrocarbons and oil is associated with the mining business due to the demand for energy it requires, with the oil industry supplying it.

Hydrocarbons & oil are with the mining business.

Crypto mining demands significant amounts of electricity, which is very expensive.

Supercomputers constantly operate in a race against other miners solving complex mathematical problems to unlock the digital vaults that contain the currency.

This equipment is mounted on mobile trailers and taken to the oil fields because it is one of the cheapest ways to obtain the energy you demand.

About General Information cryptocurrency miners
 

Where are located oil zones to use by criptomonedas?

The oil fields are located in the oil zones of EE.UU that span the entire length of the Rocky Mountains and the Great Plains, the trailers hooked to trucks drive to the good pads to obtain the natural gas and convert it right there into electricity, which is usually very expensive if obtained from another source

In the oil industry, the gas that generates crude oil is burned; this creates carbon dioxide emissions and is even released into the atmosphere in the form of methane since there are no pipes to take it to the market and turn it into profits.

That is why these industries have created an alliance with cryptocurrency miners to take advantage of all this lost production and turn it into profits, which are very representative.

The oil industries are cryptocurrency miners. 

The oil industries are working with cryptocurrency miners associated with the technology company EZ Blockchain to reduce gas burning in some of its 600 oil wells in the Rocky Mountains.

Cryptocurrency mining is a good alternative in many areas of daily life, such as the case of oil companies, which have already opted for this alternative to take advantage of their resources.

As oil companies get involved with the crypto world, their significant losses in the refining process somehow decrease.

This situation leads others to expose their points of view regarding the strategies applied since this merger of crypto mining and oil companies are not a good option for environmental defenders.

Both sources from the environmental point of view significantly affect the environment and the ecosystem, accelerating the global warming that is so hard on Mother Earth.

C02 emissions from crypto mining have risen to 60 million tons, the equivalent of the gases released by some 9 million vehicles, worrisome figures for environmentalists

Due to this, they propose the creation of gas pipelines, which allow the gas to be taken to other markets and be used in different ways.

Gas mining is essential.

Those who favor these alliances between oil and mining industries emphasize that creating these gas pipelines would drive miners away to ASIA.

More than 60% of mining operations are concentrated in the Asian continent, depending mainly on electricity generated by coal, which is less expensive.

Most cryptocurrency mining companies express that the mobility of their operations fueled by natural gas is significant; this gives them the flexibility to extract natural gas in various places as it becomes available.

Another essential aspect that is interesting to highlight concerning the cryptocurrencies issue and oil is; that 2018, as an economical alternative to the devaluation of the currency.

In Venezuela, a petro-currency is created, backed by oil, the most significant natural resource of this country.

PETRO, a Venezuelan cryptocurrency to somehow stop the inflationary crisis, has not obtained the acceptance and expected revaluation due to the low prices of a barrel of crude oil

It is estimated that in the consecutive and coming years, the oil economy will change and return to the same world as before

Conclusion

There are many possibilities and benefits of profit with the implementation of cryptocurrencies; most industries worldwide have taken them as the best option for trade and profit.

Alliances between cryptocurrencies and oil companies worldwide offer many benefits and advantages that exceed those provided by conventional currencies or currencies.

On the other hand, considering that oil is one of the most important sources of income for producing countries, it is contradictory to stop this type of exploration and exploitation techniques.

To counteract these effects and those resources are used to the maximum, and the negotiations between countries are fast and efficient through the blockchain platform, future alliances are not so easy to rule out.

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