Everything You Need to Know on the Oil Powerhouse’s Shift to Bitcoin Mining
It’s one small step for crypto and one giant leap for Bitcoin. Shell — one of the largest oil & gas companies worldwide — is on the brink of offering its cooling and lubricant solutions to Bitcoin (BTC) miners. The looming Shell and Bitcoin partnership comes as an understandable surprise to the global crypto community.
According to inside sources, their motive is to improve BTC mining’s energy costs using the oil giant’s lubricant and cooling solutions, while offering an alternative means of reducing the crypto industry’s carbon footprint.
The news is giving new hope to BTC miners worldwide, who have been struggling to stay afloat amidst the plummeting Bitcoin price and sky-high hash costs in recent months. In fact, BTC’s price recently dropped below the $17K mark, sending BTC miners into an understandable panic.
According to sources at Shell, their Immersion Cooling Fluid S5 X is designed to bring energy costs down while reducing emissions through high cooling efficiency, impressive thermodynamic action, and improved flow behaviour.
Shell is already exploring their immersion cooling solutions as a way to support their own data centres, and they believe it can make a strong contribution to centres like the ones used to mine Bitcoin worldwide — which account for a staggering 1% of all energy consumed on a global scale.
Shell is set to take the stage at the 2023 and 2024 Bitcoin conferences, of which they will be a sponsor — and they’ve already signed a 2-year partnership with the event’s organizer, Bitcoin Magazine.
Many are snickering at the irony of the unexpected bond between two of the biggest contributors to environmental harm worldwide. But perhaps there is light at the end of the proverbial tunnel: Both industries are well aware of the ongoing damage they are causing, and both are clearly trying to address greenhouse gas emissions and leave the world in a better state than we found it in.
But Shell is not new on the Bitcoin block. They’ve already used Blockchain technology to modernize their long-standing processes and establish new markets. In fact, they have several write-ups on the topic on their website. And now that the oil giant is diving full force into the Bitcoin arena, there’s no telling what the future is for either party.
While it’s still too early to predict the outcome of the Shell and Bitcoin partnership, one proven way to combat climate change is to plant trees — and that’s exactly what the ecological mining pool, PEGA Pool, are doing.
PEGA Pool are incentivizing Bitcoin miners to dip their toes in the water with a 50% reduction on pool membership fees. That’s for miners who already mine Bitcoin using renewable energy. And as for those who aren’t, a portion of their pool membership fees will be used to plant trees and offset the CO2 being spewed into the atmosphere by the crypto industry every single day.
The next Bitcoin conference will take place in Miami, in May of next year. To learn more about the conference, follow The Bitcoin Conference on the socials or visit the Bitcoin 2023 website directly.