Bitcoin mining metrics for January 2021
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Bitcoin mining metrics for January 2021
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Producers who continue ignoring bitcoin risk becoming fax machine.
Monthly Mining Metrics
January 2021
January was another great month for oil and gas bitcoin miners who averaged a gross revenue of $10 - 25 USD / mcf for volumes of gas conserved using Upstream Data’s proprietary Ohmm™ datacenters
To top it off, with the price of bitcoin reaching new all-time highs (over $40,000 USD) miners who held onto their bitcoins over a difficult summer of 2020 have seen over 4x in value appreciation.
I can’t imagine venting or combusting precious natural gas at these valuations… makes me weep :’(
Without precedent.
For 13 years bitcoin has consistently outperformed every other asset class, a trend that continues as I type with the price currently challenging the recent all-time-high of ~$40,000 USD per coin.
And people continue to be surprised. If that’s you then don’t feel bad, when the internet exploded onto the scene even Nobel prize winning economists like Paul Krugman were calling it a fad:
Lol I just couldn't resist taking a pot shot at this guy :P
Look, it’s not easy coming to grips with any new kind of technology, especially when it has no precedents to reference. As human beings we simply are not very good at extrapolation and change is a scary thing, so we tend to rely on past experience.
I am sure that as Mr. Krugman typed these regrettable words on his typewriter by candlelight he did so while taking comfort from the warmth and soothing noises of his fax machine.
Jokes aside, what’s important is to avoid prematurely writing off a new technology before at least spending some time learning about it. If you decide that it is not for you and your business, then cool. Just don’t pull a Krugman - open your mind to bitcoin mining as a core part of your oil and gas business.
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Natural gas is extremely valuable, stop wasting it!
I’ll let the above chart speak for itself.
It is financially irresponsible not to take a serious look at bitcoin mining as part of your oil and gas production portfolio. Ask yourselves this - why burn when you can earn?
More and more corporations are beginning to understand. Holding bitcoin in your treasury is just a very smart thing to do and there’s no better way to earn bitcoin then by mining it off your waste energy!! Not only are you making the right financial decision but also the right environmental decision. Win-Win.
Your shareholders deserve better than venting and combustion. Even Mother Nature approves.
Still with me? Do I sound crazy??
Well, bitcoin is quickly becoming financially fashionable, check out this great resource on how Corporations can get positive exposure to bitcoin! (https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit)
Liberate your economically imprisoned gas.
Pictured above is a stranded gas well located near Lloydminster, Alberta.
Upstream Data has partnered with the well owner and has equipped this well with a separator skid (shown) and later this month we will be installing up to a dozen of our proprietary Ohmm™ Hash Generators (https://www.upstreamdata.ca/datacenters).
The point of this project will be to showcase to you, our customers and interested oil and gas producers, how to efficiently set up a bitcoin mining operation and rejuvenate your stranded and mature gas properties.
I’ll be writing up a case study on this project next month, so stay tuned!
I am also working on a technical document for facility engineers on how to size, install and operate a bitcoin mining datacenter at upstream oil and gas facilities, I think you will find a lot of value in this document!
Don’t forget to share this content and get all of your oil and gas friends and family to subscribe (https://www.upstreamdata.ca/)!
Tour of two Hash Generator skids monetizing and conserving vented gas in Alberta.
Contact sales@upstreamdata for more info on sizing and price.
–>
New to Bitcoin? We're here to help!
We’ve been helping oil and gas producers increase revenue, reduce GHG emissions and generate bitcoin since 2017.
For more information please contact sales@upstreamdata.ca
Big thank you <3 to Coin Metrics (https://coinmetrics.io/) who supply the public data used to derive the charts above.
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