Oil drillers and Bitcoin miners

Qatar has proved oil reserves of 25,244,000,000 barrels, ranking 13th in the world, and accounts for around 1.5 percent of the world’s total oil reserves of 1,650,585,140,000 barrels as of 2016. Qatar has proven reserves of 402.1 times its annual consumption rate.

Natural gas brings oil drillers and Bitcoin miners together

Cryptocurrencies are digital money that can be exchanged for products and services without the use of a middleman, such as a central bank. However, extracting the cash from the internet necessitates massive amounts of frequently expensive electricity. In order to unlock digital vaults containing the currency, supercomputers must constantly compete with other “miners” to solve tough arithmetic problems.

Miners are regularly sending these operations to oil fields since it is one of the most cost-effective ways to get the energy they require. Oil and natural gas are extracted from the same wells, but drillers are looking for crude oil and there are no pipes to transport the gas to market.

Shareholders and government authorities are pressuring oil corporations to cut emissions that contribute to global warming. They give the gas out for free to cryptocurrency miners at times and sell it at other times.

Using flare gas from oil drilling to mine bitcoin

When oil firms drill for oil, they frequently strike natural gas as well. Most drillers, however, lack the equipment to sell the gas, so they burn it off in a procedure termed flaring, which results in the unmistakable flames seen above oil fields. This is where Crusoe enters the picture.

Crusoe Energy is a startup that collects flare gas from oil fields and utilizes it to “mine” bitcoin. It claims that their devices reduce CO2-equivalent emissions from gas flaring by up to 63 percent and that each one is equivalent to removing 1,700 automobiles from the road.

So, coming back to the flaring and how Crusoe exactly helping within this process. It constructs a piping system to move natural gas away from flares and towards generators. They generate electricity, which is then utilized to operate computers on the oil platform. The computers “mine” bitcoin by solving complicated problems that aid in the security of the bitcoin network and the creation of new currencies.

What is the best way to invest in Bitcoin from Qatar?

This easy-to-follow beginner’s guide will walk you through the process of purchasing Bitcoin safely and step by step. You’ll get your first Bitcoin today if you follow these procedures!

  • Create an account
  • Decide on the amount of bitcoin you are purchasing

The advantage of cryptocurrencies is that they may be divided and purchased in tiny amounts. This way, you retain ownership of your Bitcoin and can use or hold it. 

To gain confidence, start with a little quantity of Qatari Rial to learn about the process of buying Bitcoin. Once you understand the procedure, you can easily scale up your transactions and buy additional Bitcoin.

  • Choose payment methods wisely

Binance accepts over 100 different payment methods for depositing funds and purchasing Bitcoin. Simply choose your preferred currency (most likely Qatari Rial in your instance) and the payment method you want to use. Of course, they also accept the most common forms of payment, such as credit cards, bank transfers, and PayPal

  • Qatar is a great place to trade or acquire your first Bitcoin

You can’t buy every coin in the cryptocurrency ecosystem with fiat money. As a result, stable currency such as Tether USDT was developed. These stable coins are cryptocurrencies that you may acquire and then exchange for the currency you wish. The term “stable coin” comes from the fact that the price of these coins is based solely on the price of the US dollar. It’s a good idea to look up what coins are coupled with the cryptocurrency you wish to acquire before you buy it. 

Prepare yourself by creating numerous secured accounts on exchanges before purchasing Bitcoin (BTC). When you wish to buy a new cryptocurrency that isn’t listed on the exchange you’re on, you’ll be ahead of the pack.

Qatar and Bitcasino are two great options to start your wealthy future in crypto! Good luck!

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