Saudi company Permianchain uses waste energy in northern Canada for Bitcoin mining

Saudi company Permianchain uses waste energy in northern Canada for Bitcoin mining

2021/11/15

According to reports, the Saudi company Permianchain uses abandoned energy in northern Canada to power about 270 Bitcoin miners. Due to logistics difficulties in extracting energy from remote wilderness and transporting it to the grid, tens of thousands of "stranded" natural gas wells have not been used. In addition to this natural gas, the company also plans to use natural gas produced by oil drilling by-products. Permianchain's solution is to sell "digital energy currency," which is equivalent to a certain amount of energy generated by a site. These digital tokens can then be exchanged and used for Bitcoin mining. It is understood that the company recently received a significant investment from Saudi Arabia's Herz Investment Company and has other supporters in Saudi Arabia and Dubai.

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