Bitcoin, A Battery of Value Part 3

Residual fuels also have an alternative use in Bitcoin, they can be used to create electrical energy and dedicate that energy to bitcoin mining.

Residual fuels
Residual fossil fuels resulting from industrial processes Stranded natural gas and associated natural gas that is flared are the most representative at this point. A stranded gas reserve is a natural gas field that has been discovered, but remains unusable for physical or economic reasons. The gas found in an oil well is generally called associated gas, rather than stranded gas. However, some flared gases from oil wells are stranded gases that cannot be used for economic reasons.

Read on: Bitcoin, A Battery of Value Part 1.

Flare Flaring

Flare burning of natural gas (mostly methane, CH4) is a way of disposing of waste gas used in industrial plants such as oil refineries, chemical plants or natural gas processing plants, as well as in areas where natural gas is produced, including oil wells, gas fields and landfills. Flaring is known in the oil sector as „flaring“ and has several purposes.

In industrial plants, flares are used primarily to burn the flammable gas released by pressure relief devices during unplanned overpressures of plant equipment, which is called „safety flaring“. During starts or stops – partial or total – they are also often used for the Etoro intended combustion of gases for relatively short periods. Flaring protects the equipment in many oil and gas extraction facilities from the dangers of overpressures.

Another use, when oil is extracted from offshore or onshore fields, is also to bring associated natural gas to the surface (APG). This practice is called routine flaring, also known as production flaring, and is a method and current practice of removing large unwanted quantities of associated petroleum gas (APG) during the extraction of crude oil. The gas is first separated from the liquids and solids downstream of the wellhead, then released into a stack and burned in the earth’s atmosphere; usually in an open diffusion flame. When this is done, the unwanted gas (mainly methane dominated natural gas) has been deemed uneconomic and may be called stranded gas, flare gas or simply „waste gas“. Routine flaring should not be confused with safety flaring, maintenance flaring or other flaring practices characterized by shorter durations or smaller gas removal volumes.

Routine flaring occurs especially in areas of the world where there are no pipelines or other infrastructure to transport the gas – for example, liquefaction plants, or gas-to-liquid conversion (GTL) processes – the vast quantities of this associated gas are generally flared as waste or unusable gas. Flaring of such gas may be done at the top of a tower or, at ground level, in a dedicated flaring pit.

These practices are considered „a waste of valuable resources as well as a significant source of greenhouse gases“. One option is to reinject the associated gas into the reservoir, thus saving it for future use, while also keeping the well pressure high, thus facilitating the extraction of the oil (productiveness).