Frequently Asked Questions
(FAQ)
General Question​
How can you make money mining Bitcoin on an oil and gas well?
Many people don’t realize one of the natural by-products of an oil well is natural gas. In other words, as oil flows to the surface, so does natural gas. Since natural gas increases pressure in the well and decreases overall oil production, it is currently burned off (“flared”) into the atmosphere. ShaleCoin captures the natural gas that would normally be flared off into the atmosphere and diverts it to a generator. The generator produces power for mining rigs (powerful computers specifically designed to mine crypto currencies), which in turn run 24/7 to mine crypto currencies, which can then be sold for a profit or held as an appreciating asset. And can decrease overall oil production.
Questions for Operators
How much space will this take up on location?
The answer varies depending on how much natural gas an operator needs consumed, but a rough estimate for this question is 500 sq feet of space is needed for every 100K mcf of gas consumed per day.
How much gas can ShaleCoin consume at a specific location per day?
Fortunately, ShaleCoin has the capability to tailor our operations to consume as much natural gas as our operators need at any location. In general, a single 600 kW generator can consume 250K mcf per day. So, in order to consume more gas, ShaleCoin would add generators (and miners) as needed.
Is this system still available where H2S traces are present?
In most cases, this is something we can work with operators on to mitigate. If you would like to discuss specifics about your site, we encourage you to reach out to our ShaleCoin team to further discuss this matter.
What equipment is needed from operators to make this work?
In general, our operators provide a scrubber, a meter, and any chemicals needed if H2S is present on site. ShaleCoin provides the rest of the equipment necessary for installation.
What does ShaleCoin pay for our natural gas?
Our price varies somewhat depending on volume and the environment. If you would like to discuss specifics regarding your location, please reach out to our ShaleCoin team to get a more precise estimate based on the volume of gas you need consumed and the location of your site.
How much can you reduce carbon emissions at our well site?
Working with ShaleCoin, our operators can achieve about a 9x reduction in carbon emissions. While that is a general ballpark figure, it can also be more if there are methane leaks present downstream not currently being flared off.
