US miners will cooperate with Oman’s energy companies

Bloomberg reports that the company chose Oman for a reason. This country covers 21% of the world gas market. The region also accounts for 38% of the global flaring gas necessary for bitcoin mining. The company intends to resolve this issue by installing equipment to capture gas waste at wells. Crusoe Energy plans to open an office in Muscat and launch the first program by early 2023, CEO Chase Lochmiller said. He also noted that one of the company’s main missions is strengthening its presence in the Middle East and Africa.

We are looking for support and are ready to cooperate with countries that are actively solving gas flaring problems,

said Lochmiller.

It is worth noting that now, discussions around the environmental aspect of cryptocurrency mining remain one of the key industry topics. The collaboration between an American company and Oman provides an opportunity to show that crypto mining can positively influence the reduction of fossil fuel waste. Geneious analyst Daniel Batten holds this opinion. In May 2022, he stated that if bitcoin is mined by combustion of methane from any source, such as gas flares, it will reduce the carbon footprint and significantly diminish the greenhouse effect.

In turn, Oman is interested in reducing emissions in the atmosphere and improving the environment in the region, so the Sovereign Fund of Oman has already acquired a share in the equity of the American company.

According to the Paris Agreement, Oman has committed to reducing greenhouse gas emissions, and we intend to follow this policy on this issue,

said Ismail Ibrahim Al Harthi, the Oman Investment Authority representative.

Recall that earlier the Norwegian Parliament refused to pass a bill to ban “heavy” mining and increase taxes for miners.