Canadian oil and fuel firm Bengal Vitality, is dipping its toes into Bitcoin (BTC) mining as a manner of using the untapped vitality from its fuel wells within the far reaches of the Australian outback.

According to a report from The Australian, Bengal Vitality is about to conduct a pilot program the place roughly 70 Bitcoin mining rigs might be arrange inside a transportable constructing — identified within the native mining trade as a “donga” — which might be assembled close to a sequence of beforehand out-of-operation fuel wells within the Cooper Basin.

In line with Bengal Vitality’s chief working officer, Kai Eberspaecher, the corporate acquired the fuel wells from its native oil and fuel extraction companions, Santos Vitality and Bridgeport Vitality.

Eberspacher added that the just lately acquired fuel wells posed an attention-grabbing downside to the vitality firm as a result of they’re what is named “stranded wells.” Because of this whereas the corporate can technically produce energy from the fuel on website, the present distribution pipelines are too far-off to succeed in.

A pipeline that may service Bengal’s distant fuel wells is at present below development, nonetheless the delays in growth have been additional exacerbated by Covid-related provide chain points.

“We had been principally six months of getting wells prepared however with out an outlet. We had been coping with stranded belongings.”

Moveable Bitcoin mining rigs in dongas had been stumble on as an answer to the issue. A trial donga might be outfitted with 66 mining rigs that may generate roughly 0.005 BTC per day which equates to roughly $235.

If the trial is profitable, Bengal Vitality is reportedly looking for to multiply its Bitcoin mining output by an element of 10 to twenty occasions, that means that whole revenue may attain anyplace from $2000 to $5000 per day.

ExxonMobil is utilizing extra pure fuel to energy crypto mining

Bengal Vitality provides its identify to a rising record of mining corporations together with ConocoPhilips and Exxon Mobil, which are looking for to harness the complete potential of sometimes wasted or stranded vitality by means of moveable Bitcoin mining operations.

In response to the widely-published criticisms of Bitcoin mining on environmental grounds, fossil gas corporations have turn into more and more involved with discovering new methods to restrict the dangerous byproducts of mining operations in addition to harnessing any sustainable alternate options the place doable.

The Bitcoin Mining Council estimated a sustainable vitality mixture of 58.5% for the worldwide trade within the fourth quarter of 2021. Miners in Norway are even utilizing waste warmth to dry out lumber.