Dennis Porter of Satoshi Action Fund. Photo illustration by Sarah Grillo/Axios. Photo by Mark Felix/Bloomberg via Getty Images
A new backer for Bitcoin miners, the Satoshi Action Fund, believes that securing the oldest cryptocurrency could be an effective way to fund stranded gas wells, a longstanding environmental problem in the United States. I believe there is.
Important reasons: In 2021, the Environmental Defense Fund will release maps of 81,000 wells with no record of ownership. There is federal funding available to help block these wells, but it is still a daunting task.
- The organization’s founder, Dennis Porter, is pushing the policy to get Bitcoin miners to step in, use the last remaining gas to mine, seal the well and move on.
News promotion: On Wednesday, the organization made its first presentation to 30 to 40 people from about 10 congressional offices in the Senate briefing room, in the halls of the U.S. Congress.
- This group, which has just started its activities from June 2022, has been giving presentations to state legislators across the country.
What they say: “Bitcoin mining is a business that also works as part of the grid infrastructure,” Porter’s message to lawmakers said in an interview. I have.”
Among weeds: The EPA has extensively studied the effects of abandoned oil and gas wells in the United States and estimates indicate that they account for about 8.7% of the methane released here.
- From a climate change perspective, methane is many times worse than carbon dioxide (CO2), so every kiloton of methane that is not emitted has a significant impact.
- Research suggests that federal funding on its own is likely not enough to plug all leaking wells, so a mechanism to go further could be beneficial.
- In Porter’s vision, the policy would protect the miners responsible for the wells, allow them to use the mines with the fuel they still have access to, and properly cap and seal them so that the remaining gas stays underground. do.
note: mining is really right I’m coming to the well.
- Small bitcoin mining operations can be easily loaded into mobile shipping containers. This is already being done using natural gas flaring in some operating wells.
What’s next: The Satoshi Action Fund has presented model laws across the country to promote the idea of recruiting Bitcoin miners to cap their wells.
- Taking over a mining site raises complex liability issues. That’s why Porter is pushing for state laws that make miners’ risks more predictable.
- “It’s a win-win-win for everyone,” he says. “This is an undisputed win for the environment. An undisputed win for the economy. And states that don’t have to spend taxpayer dollars plugging these abandoned oil and gas wells. It is an undisputed victory for
What we see: The group operates across the country, but gets the most attention in Missouri and Mississippi.