Cryptocurrency mining requires large amounts of electricity, which is often very expensive. In addition, supercomputers must constantly run in a race against other “miners” to solve complex mathematical problems to unlock the digital vaults containing the currency.
Gas operations are the key to mining.
Some cryptocurrency mining companies say that the mobility of their natural gas-fired operations is the key, as it gives them the flexibility to extract natural gas from different sites as it becomes available.
The idea of plugging in these computers and taking them elsewhere has captivated me, says Haley Thomson, former power operator and president of cryptocurrency mining startup Imperium Digital.
Norwegian billionaire and oil magnate Kjell Inge Rokke has spoken out strongly in favor of Bitcoin the king of cryptocurrencies, as he is betting on cryptocurrency as the best possible defense against the disruptive moment facing the financial industry and central banks.
Green technology and renewable energy
The powerful Aker oil corporation, owned by Rokke and which has recently diversified into green technology and renewable energy companies, is forming a new business to take advantage of the potential of bitcoin.
Bitcoin may still plummet to zero. But it can also become the core of a new monetary architecture. It is not inconceivable that a bitcoin could one day be worth millions of dollars.
The people who know the most about bitcoin believe that its future success is almost inevitable.
Bitcoin continues to elicit opposing views after a volatile start to the year. For example, a single unit of the cryptocurrency costs more than $ 57,000, compared to just over $ 8,000 it was worth about two years ago.
The cryptocurrency has gained some notable endorsements of late, including Tesla founder Elon Musk. It has also been present in recent significant investment phenomena, such as Cathie Wood’s Ark Investment fund as a notable example.
Petro-coin aims to be a great strategy.
Did you know that the Petro coins in Venezuela would be oil cryptocurrencies? The blockchain continues to be the promise of the future money, and the petro-currencies, based on oil, seem to arrive wanting to stay.
Cryptocurrencies are increasing, and the continuous fluctuations of Bitcoin keep the topic of virtual currencies in the first pages of the economy.
Even Facebook has bet on Libra, its cryptocurrency, but petrocurrencies? It is a type of cryptocurrency, a virtual means of payment, which Venezuela has launched in the midst of one of the biggest crises in its history.
It is an oil cryptocurrency, also known as a petrocurrency because it is used for oil transactions and to determine the price of crude oil. This type of currency is neither minted nor physically printed but is generated through different processes of computer calculations.
Petro is the first currency promoted by a government, known as the Petro coin; Venezuela supports this currency with part of its reserves by creating money whose valuation pattern was oil.
All these innovations point to a new way of marketing oil for the countries and, of course, represents a gigantic advance even for OPEC because it can independently handle the payment corresponding to the demand for oil.
This opportunity is presented to facilitate the relationship of the markets, avoiding the intervention of third parties such as traditional banking and the payment of excessive commissions for the transactions generated by the exchange of crude oil.
The countries whose oil reserves are their primary source of income have begun to study the crypto-asset market to make the purchase and sale operations of such a precious economic resource more efficient.
Conclusion
We are not so far from that all oil commercial operations are endorsed by cryptocurrencies, so it is crucial to prepare on the issue of economic exchange through said digital currencies.
All this to create an exchange tool that is not subject to the control of governments or central banks, managing to control the price of a barrel without inflation directly influencing it.
It is surprising how everyday advances in the digital market expand the exchange options for countries to become independent of the controls and high costs that oil operations require.
Cryptocurrencies arise for the benefit of all by simplifying operations.
