May 13, 2019
The Winklevoss brothers, who are the well-known digital entrepreneurs, cryptocurrency apologists, and bitter adversaries of Mark Zuckerberg, invested a hefty sum in what is believed to be the innovative way of mining cryptocurrencies. A private equity firm Winklevoss Capital Management LLC, headquartered in Dallas, Texas, provided $4.5 million in funds to Crusoe Energy Systems Inc., a company that assists oil producers across North America to lower the flaring on natural gas and eliminate the excessive carbon emission.
Crusoe has developed a mechanism for turning the unexploitable natural gas into electricity through the use of specially designed mobile data centers which operate directly at the well site. The obtained electrical power will be used to facilitate cloud computing and cut the cost of cryptocurrency mining in a significant way. Apart from Winklevoss Capital, Cruscoe received substantial funding from Bain Capital Ventures, Founders Fund Pathfinder, and Dragonfly Capital Partners.
The main reason why this project has drawn heightened attention from the powerhouses of venture capital investment is that Crusoe may have developed a solution to a problem that had been nagging the entire oil industry for decades.
The producers are forced to burn large volumes of natural gas which occur as a byproduct of oil extraction because they simply don’t have the necessary pipeline networks, as well as the accompanying infrastructure, to transport the excess gas to the potential purchasers. As a result, the operating companies must pay third-party contractors to relieve them of the surplus of that fossil energy source, or resort to the mentioned method of burning gas directly at the drilling site, also known as flaring.
Despite the fact that flaring seems to be the simplest fix, it often faces severe regulations as well as the tenacious oppositions from various environmental groups - and for a good reason.
According to the study conducted by the World Bank, the volume of global flaring has been gradually increasing over the last years, reaching 141 billions of cubic meters in 2017, which causes the emission of nearly 350 million tons of carbon on a yearly basis that does an immense harm to the environment.
In addition to the environmental concerns, there is an economic dimension to this problem because the flared gas contains vast amounts of energy that must be put to good use. Prior to the introduction of mobile data centers by Cruscoe Energy Systems, millions of dollars have been going up in smoke.
The Cruscoe’s modular mobile data center is packed in a 20-foot shipping container that feeds off the electricity generator which runs on natural gas that is being piped into this unit directly from the oil production site. The company has been seeking funding to expand its scope of operations and find application to the produced electricity. The Winklevoss brothers might have invested in a solution that will help satisfy the Bitcoin’s appetite for electricity, which currently amounts to 22 TWh per year.
The crypto industry continues to advance rapidly, and many are expecting the Bitcoin price to surge to its all-time high once again, as 2019 comes to an end. With that in mind, investors ...
Crypto lending platforms are growing in number as the asset class becomes more popular around the world. Many leading crypto firms have created lending programs...
The Securities and Exchange Commission (SEC) has laid complaints against ICOBox, a firm that provides initial coin offering (ICO) marketing services for crypto related firms...
As one of the world's largest economies, it is not surprising that China has a history with cryptocurrencies. However, that history is not a positive one. Ever since the crypto...
China's witch hunt against ICOs continues, with GXChain becoming the newest victim of the country's ICO crackdown. The project was launched back in 2017...
The development of blockchain technology in the last several years has already started impacting the financial sector in a major way. Services that are based on this technology...
After Facebook announced the launch of Libra, a stablecoin that should become a common currency for WhatsApp, a messaging application owned by the corporation...
Another crypto drama has been emerging recently, this time between KICK ICO and a project known as LATOKEN. Mainly, KICK ICO recently posted about LATOKEN...
|1||Ledder||Aug 01||Dec 31|
|2||Tixl||Jul 17||Sep 30|
|3||BitWings||Jun 03||Nov 30|
|4||Pbet||Jun 18||Dec 15|
|5||Cinemadrom||Feb 03||Apr 30|
|6||GRAYLL||Jun 03||Oct 27|
|7||Yachtco||Aug 04||Feb 04|
|8||Faireum||Apr 24||Sep 23|
|9||Monart||Sep 01||Oct 31|
|10||GOVEARN||Jun 23||Dec 31|
|BitMEX||1 657 855 370|
|FCoin||1 157 881 262|
|LATOKEN||980 764 321|
|Coineal||927 794 651|
|EXX||867 367 376|
|CoinTiger||833 009 250|
|CoinEgg||812 036 929|
|CoinBene||810 053 551|
|Bibox||809 788 881|
|ZBG||793 993 635|