Oil and Gas Giant Shell is Moving into Bitcoin Mining

• Shell aims to provide a green transition to bitcoin mining.
• According to the data, bitcoin mining consumes 103.01 TWh per year.

London-based oil and gas giant Shell has come forward to demonstrate its stance on strengthening the bitcoin mining industry. Notably, the company has signed a two-year Bitcoin conference sponsorship deal with BTC Inc and Bitcoin Magazine.

At the Bitcoin 2023 Miami event, Shell aims to promote the possibility of turning bitcoin mining green with the help of its product, immersion coolant. Shell launched the product last August to help make data centres sustainable and promote the use of renewable energy.

Darin Gonzalez, U.S. Head of immersion cooling for Shell Lubricants:

"As part of an integrated energy solution, Shell Immersion Coolant S5 X is designed to reduce energy costs and emissions through its high cooling efficiency, flow behavior and outstanding thermodynamic properties."

In addition, Shell highlighted that their new solution could potentially reduce the energy costs and carbon footprint of bitcoin mining by as much as 48%.

Mining is an important process for integrating with crypto assets like Bitcoin, Livepeer, Ethereum Classic, etc. that use proof-of-work (PoW) consensus to protect their transactions. Bitcoin mining consumes more than 103 terawatt hours per year, according to the Cambridge Bitcoin Power Consumption Index. This energy is equivalent to the consumption of medium-sized countries such as the Netherlands and Austria.

Moreover, the carbon emissions offset by such mechanisms pose a threat of ecological imbalance. This may also be one reason why countries around the world have been slow to adopt Bitcoin. Policymakers and environmental activists continue to argue that bitcoin mining violates climate policy. Companies like Shell that are involved in the space through solutions can accelerate the adoption of bitcoin and spread the word about its impact around the world.

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