The U.S. Energy Information Administration (EIA) estimates Bitcoin mining uses about 170 TWh of electricity per year, or about 0.6% to 2.3% of annual American electricity consumption. The aggregate market cap of 14 publicly traded U.S. mining companies totals about $20 billion, according to an April report by JPMorgan Chase.
As the Bitcoin mining industry has grown, so too has its reputation. And that reputation is largely negative. Discussions with three different Bitcoin mining executives through more light about their operations and the reality of Bitcoin mining.
Chronos Energy
Chronos Energy is an off-grid Bitcoin mining company that utilises stranded energy sources. In other words, they turn energy that would have otherwise been wasted into usable economic energy through Bitcoin mining.
Describing his company’s operations, James McCarthy, CEO of Chronos Energy, said: “We go and find stranded energy, typically in the oil field. We work with oil and gas operators who have stranded gas assets – assets that can’t get to the market.”
What’s interesting and unique about Chronos Energy’s business model is that they do not rely on the electrical grid. Instead, they bring Bitcoin mining directly to the source of stranded energy.
“We bring natural gas generation that we remanufacture in-house. And we deploy Bitcoin mining operations to consume that energy, reduce their carbon emissions, and mine Bitcoin
