Brent Whitehead and Matt Lohstroh, 23, started Giga Energy Solutions. The firm's concept is to reuse flare gas – usually burnt – from oil wells to power Bitcoin mining computing facilities. The fortune of the two entrepreneurs is estimated at 4 million dollars!

The brilliant idea of ​​two young Americans to mine Bitcoin worth millions!

This could be the great story of the day! Two young Americans made their fortune mining Bitcoin. The “beautiful” side of the story is that they have implemented a brilliant idea that helps offset the environmental impact of Bitcoin mining. We tell you more!

Brent Whitehead And Matt Lohstroh, A Winning Team!

Chances are you don't know Brent Whitehead and Matt Lohstroh! But remember their name, it is possible that we will hear a lot about them in the future. Anyway, they are two young 23-year-old Americans who have just graduated. What is special about them? These two Americans created the company Giga Energy Solutions . The company currently has 11 employees and hopes to hire 6 new ones in the short term. The success of the business has reportedly earned them $4 million so far.

We owe the success of this company to the know-how of the two friends who married engineering with crypto. How? The company offers turnkey solutions for mining Bitcoin using flare gas from oil extraction wells ...

When Bitcoin Mining And Oil Extraction Do Each Other A Favor

As we know, Bitcoin mining is highly criticized for the amount of energy it requires. Recently a study from the University of Cambridge indicated that the environmental impact of Bitcoin mining is similar to that of a country like the Netherlands.

To limit this impact, Brent Whitehead and Matt Lohstroh had the brilliant idea of reusing “energy” that is usually lost in the oil industry . Indeed, you should know that gas is extracted at the same time as the oil in the wells. However, this gas is in too small a quantity to be used. In addition, to be put back into the “circuit”, the gas must first be “cleaned”. Finally, most wells do not have an installation that connects them to the gas circuit. All these reasons mean that in general the extracted gas is burnt . This is why one often observes close to the oil wells of the torches which burn. This gas is moreover commonly called “flare gas”.

The company Giga Energy Solutions offers containers that contain all the computer facilities for mining Bitcoin. With the help of a (gas) generator, the flare gas is “upgraded” , in the sense that it is used to electrically power the mining chips.

According to studies, this process would reduce carbon emissions from Bitcoin mining by 63% . At present, the company Giga Energy Solutions collaborates with about twenty oil companies. Other companies exploit the same idea like Crusoe Energy for example.

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