Shell oil company will bring solutions for Bitcoin mining
Shell oil company will bring solutions for Bitcoin mining
Mining

Shell oil company will bring solutions for Bitcoin mining

By Andrea Porcelli - 11 Nov 2022

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The giant energy group Shell, has signed a two-year sponsorship with Bitcoin magazine to discuss the mining industry. The sponsorship will bring it on stage at the upcoming Bitcoin Conference, where Shell’s new cooling solutions to improve the Bitcoin mining industry will be presented.

How Shell wants to improve Bitcoin mining

Darin Gonzalez, head of US immersion cooling at Shell Lubricants, said:

“Shell Lubricants is committed to providing customers with carbon reduction alternatives, and one of the most important benefits of immersion cooling fluid is sustainability and renewable energy.”

Thus, Shell’s primary goals are reducing carbon emissions through sustainable solutions, and reducing the energy costs of Bitcoin mining through the use of means sourced from the company itself. 

Gonzalez went on to explain that:

“As part of an integrated energy solution, Shell Immersion Cooling Fluid S5 X is designed to reduce energy costs and emissions through its high cooling efficiency, flow behavior and excellent thermodynamic properties.”

As early as last August, the oil and gas giant, Shell, announced its attempt to expand on the use of immersion cooling techniques to power its data centers. Shell explains that data centers such as those using Bitcoin for mining account for 1% of global energy consumption. 

David Bailey, CEO of Bitcoin Magazine, states:

“Having an energy giant like Shell enter the Bitcoin mining space is a big win for Bitcoin.

The trend of companies realizing Bitcoin’s impact on their business will only grow. Shell is just one of the many big-name companies you will see implement a bitcoin strategy in the next few years, and we’re confident they will be welcomed with open arms at the Bitcoin Conference.”

Bitcoin conference in Miami will provide the stage for Shell

The Bitcoin Conference is a cryptocurrency conference and music festival held in Miami, Florida. It is a four-day multifaceted event: the first three days are dedicated to the Bitcoin Conference, while the last day is dedicated to music with the Sound Money Fest.

The Bitcoin Conference will bring together experts, industry leaders, investors and enthusiasts for talks, panel discussions, Q&As, launches, open source content and more.

Currently, general admission tickets for the Bitcoin Conference, organized by Bitcoin Magazine, cost $499 while industry passes cost $1,399 and VIP Whale passes cost $6,499 when paid in Bitcoin.

The geopolitical oil and gas situation leads companies like Shell to different solutions

Europe as a whole is facing drastic consequences of shortages of traditional energy provided by sources such as gas and oil. Despite the fact that renewable energy is also a victim of the geopolitical factor caused by Russia and the war, it too has seen increased investment in infrastructure. Hence, renewable energy is in a unique position. All the best-known solutions (wind, solar, and hydro), continue to increase, just as access to traditional energy is gradually dying out.

Projections for the future predict that within three to five years, Bitcoin mining in Europe will be approved or permitted with the only condition that only renewable energy be used. Heat recovery efforts would become an integral and mandatory part of every operation. This is also why giant companies in the energy sector, such as Shell, are beginning to take an interest in the world of Bitcoin mining, attempting renewable energy solutions. 

Not only Shell, other giants are also studying renewable solutions for Bitcoin mining

Duke Energy Corporation, the second largest US energy company, is currently studying Bitcoin mining. Chief analyst Justin Orkney said that a study is underway on Bitcoin demand response and that the energy company is partnering with Bitcoin miners enrolled in Duke’s DR programs. 

Justin Orkney, lead rates and regulatory strategy analyst at Duke, explained during the interview:

“We are exploring general concepts at the client stage, I am working on a Bitcoin demand response study on incorporating Bitcoin mining capability into our system with a focus on demand response functionality – We look forward to testing the technology.”

In addition to Duke Energy Corporation, various sources have shown that energy and gas giants such as Exxon Mobil (NYSE: XOM), Equinor, La Geo, and Conocophillips have also explored Bitcoin mining solutions in the energy sector.

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