Mining exec explains how Bitcoin is converging with the oil and gas industry


Episode 15 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Justin Ballard, CEO & Founder at Jai Energy.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected]

Track live crypto price of 10000+ coins!


This episode is brought to you by our sponsors Fireblocks, Coinbase Prime & Chainalysis
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.

About Coinbase Prime
Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit www.coinbase.com/prime.

About Chainalysis
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.

advertisement

Bitcoin is converging with one of the largest industries in the world: oil and gas.

In this episode of The Scoop, Justin Ballard, co-founder of Jai Energy, joined The Block’s Frank Chaparro to discuss how his Wyoming-based firm is working with producers of oil and gas to help them put excess energy to work by mining bitcoin.

Related:  Moonbirds abruptly switches to CC0, upsetting some holders

“Every single of one them that calls us, typically are calling us about a flare gas situation,” Ballard, who worked for more than a decade as an attorney and operator in the oil industry prior to founding Jai, said of new entrants to bitcoin mining from the oil and gas world.

“The oil and gas industry and bitcoin mining can work together,” he said.

Jai uses the excess energy or ‘run-off’ owned by oil companies to power bitcoin mining, which offers a new revenue stream for gas companies and energy for Jai’s bitcoin mining operation. Ballard explained how the synergies between these groups will expand:

“There’s a variety of areas where oil and gas companies have megawatts of excess capacity that they’ve so capital into building out, but they’re not utilizing on a daily basis. And we’ve had some success showing them those areas and where it’s like, Look, you can go build a very nice bitcoin mine on this facility.”

Ballard also explained how the business models of oil and gas firms and bitcoin mining companies are nearly identical, with the main difference being the change in difficulty built into the bitcoin network.

During this episode, Chaparro and Ballard also discuss:

  • How the firm is working with the El Salvador government on its Volcano-powered bitcoin mining operation
  • What he thinks about the climate questions that have long hungover the bitcoin space
  • How supply chain issues are making the job of being a bitcoin miner more complicated
  • The job creation stemming from bitcoin miners

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: