PermianChain Miner: a mining pool aggregator with an integrated digital energy marketplace for crypto-asset miners

11 August 2022

PermianChain Miner, part of the PermianChain platform, offers bitcoin and other cryptocurrency miners tokenized energy. This allows miners access to consistent, low-cost electricity that is generated on site at energy projects, mainly on natural gas production sites. It is an environmentally responsible solution to the problem of flared natural gas which is thought to represent around US$16 billion  [1]  of wasted potential profit each year.
Just like the oil and gas industry, bitcoin miners are under environmental pressure on several fronts and are being scrutinized to show that they are using the world’s resources responsibly. The issue has suddenly become imperative, with US President Biden’s environmental agenda adding to the pressure that was already coming from governments in Canada and across Europe.
One of the biggest issues is flaring or releasing of natural gas that tends to accompany an oil deposit. If the industry could prove that it had found a safe, responsible and economically viable way of reducing this waste, it would enhance both its reputation and its bottom line. At the same time, the crypto sector has a voracious appetite for energy, which it uses to process blockchain calculations, also known as crypto or data mining. Bitcoin mining can act as a reliable and economically viable alternative. The challenge is ensuring the miners are able to transparently show how much energy they are consuming and whether the source of that energy being consumed is produced in a responsible and environmentally-friendly manner.
PermianChain Miner is part of a suite of blockchain-based tools and services the allows bitcoin miners to play their part in reducing the waste and the environmental impact of oil and gas production and provide miners with access to relatively low-cost, field generated electricity.

How it works

PermianChain Miner works in three main ways:
  1. It offers a simple bridge that connects data miners to consistent, low-cost power by working with natural gas producers to tokenize previously stranded or wasted gas that is convertible into electricity (kWh) for data mining operations
  2. It lets data miners and energy companies trade this tokenised power, enabling data miners to purchase digitally streamlined, automated electricity for onsite mining farms well in advance
  3. It offers an integrated solution for a digital energy financing, using smart contracts to help crypto mining companies make smart offtake-agreements (SOTAs) that work efficiently with energy companies

The benefits

By offering access to consistent, low-cost, field-generated energy directly from the energy source, PermianChain Miner facilitates innovation in the crypto sector and helps the oil and gas sector to reduce waste and enhance transparency.
PermianChain Miner opens the mining opportunity to miners of all sizes, by allowing them to participate in a growing pool of miners opening access to industrial-grade mining facilities. By joining PermianChain Miner we are offering miners the opportunity to stake energy tokens in exchange for energy credits, giving them the opportunity to diversify their portfolios and optimize their rewards.
PermianChain Miner is one of the three foundation blocks of the PermianChain platform. Register  here  to join the pool and stake your energy token today.
Follow these links if you would like information about  PermianChain Supplier  and  PermianChain Investor  .
About PermianChain
PermianChain is a proprietary technology platform that brings together the crypto-mining and oil and gas sectors. Using a permissioned access blockchain, PermianChain makes it possible to utilise stranded and wasted energy resources, unlocking liquidity and transforming the way that oil and gas projects are funded, produced, bought and sold. Established in 2018, PermianChain Technologies is a pioneer member of the Blockchain Research Institute (BRI) and start-up member of the Petroleum Technology Alliance Canada (PTAC).

[1]  Source: World Bank, NOAA, Colorado School of Mines, GGFR Rounded numbers.  .

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PermianChain Technologies is a Toronto-based technology company that is focused on bringing efficiencies of the blockchain to natural resources. Creating value in resource finance and sustainability.

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