Bitcoin mining, the main cryptocurrency on the market, has become a key element to maximize the performance of oil exploitation, without affecting environmental sustainability. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
The role of Bitcoin mining in the oil industry
📍The Argentine oil company Tecpetrol has found a key alternative to increase its oil production without affecting environmental sustainability. This is Bitcoin, the main cryptocurrency in the market by capitalization, which is allowing this company to produce more oil without increasing the emission of gases into the atmosphere.
One of the main concerns about oil exploitation remains the emission of gases, which is produced by the burning of natural gas. However, Bitcoin is offering an efficient alternative solution to this problem through mining on the blockchain, which can take advantage of this gas as a clean source of energy to sustain its activity.
Ricardo Markous, CEO of Tecpetrol, explained on LinkedIn that “crypto energy” has allowed him to exponentially increase his company’s oil production, by 500% since 2023.
Thanks to Bitcoin mining, Tecpetrol can take advantage of natural gas to generate the energy needed by Bitcoin mining machines to extract the cryptocurrency from the network. This, Markous explained, allows for more efficient use of energy while increasing oil production.
At Tecpetrol's facilities in Vaca Muerta, Argentina, the Bitcoin mining company Unblock has installed 8 generators and 12 data centers that take advantage of natural gas for the production of clean energy. Markous commented that thanks to this, the company has managed to increase its oil production, going from producing 50 m3/day to 300 m3/day. In addition, he commented that the use of unvented gas from its facilities for energy production is also contributing to reducing greenhouse gas emissions.
ENS soars after partnership with GoDaddy
📍Ethereum's native token Name Service, ENS, is up 15% over the past 24 hours. The increase comes after the announcement of a strategic partnership between the Ethereum decentralized domain name protocol and one of the largest Web2 domain providers, GoDaddy.
Platform announced which had partnered with ENS, with the aim of bridging the gap between the traditional domain name system and the blockchain ecosystem.
Through this strategic alliance, GoDaddy customers will be able to link their GoDaddy domain to ENS to access cryptocurrencies, as well as the ability to send and receive these digital assets through their preferred domain name or DNS.
At the time of writing, the price of ENS has increased by 15%, according to data from CoinMarketCap. The token is trading above $20.
Solana registers new record in January
📍The number of new monthly Solana addresses reached 11,81 million in January, setting a new record for this blockchain ecosystem. Activity on the Solana network continues to grow as it regains the interest of crypto users.
New addresses created on Solana increased by 18% over the past month, prompting the blockchain to set a new record in terms of new monthly addresses.
Source: The Block Research
The last time new addresses on Solana grew exponentially was in May 2022, when they reached a total of 11,72 million addresses created.
Bitcoin trading activity increases
📍Bitcoin transaction volume has hit a 2-year high. According to on-chain data, Bitcoin transactions reached a volume of $1,2 trillion last January. This represents a substantial increase from the transaction volume seen in November and December, which was $860 billion and $1 trillion, respectively.
Data from The Block Research shows that Bitcoin has not seen such high transaction volume since November 2022.
On the other hand, analysts estimate that this growth may be related to the rise of ordinals and BRC-20 tokens on the blockchain, in addition to the growing interest in Bitcoin spot ETFs on the market.
Continue reading: El Salvador, the 1st country to legalize Bitcoin, re-elects Nayib Bukele as its president
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
