Oil giant Shell is getting into bitcoin mining

Source: AdobeStock / Alexandr Blinov

One of the largest oil and gas companies in the world, Shell, wishes to offer its lubrication and cooling solutions to miners of Bitcoin (BTC).

the giant will sponsor the bitcoin conferences 2023 and 2024as it signed a two-year partnership with Bitcoin Magazine, the organizer of the event.

According the announcementthe lectures will be attended by Shell representatives who are expected to speak on the mining stage about improving the energy costs of the mining of bitcoin with Shell lubricants and cooling solutions.

Darin Gonzalez, US head of immersion cooling at Shell Lubricants, said the company aims to provide carbon reduction alternatives to its customersadding that “one of the most important benefits of immersion coolant is sustainability and renewable energy.”

David Bailey, CEO of Bitcoin Magazine, reportedly said that an energy giant like Shell entering the mining space is “a big win for bitcoin.”

In an announcement last year, Shell said it expanded its product portfolio to offer an immersion cooling fluid for data centersclaiming that they “account for approximately 1% of global electricity consumption, of which a third comes directly from electronic cooling components.Note that data centers are also used to mine BTC.

Shell is a global group of energy and petrochemical companies headquartered in London and including a wholly owned US-based subsidiary, Shell USA.

The next Bitcoin Conference will be held in Miami, USA in May next year.

As noted in 2020, a consortium of 10 companies, including energy giants such as Shell and Exxon, known as the OOC Oil & Gas Blockchain Consortium, successfully piloted payments for water management in a US shale field.

Meanwhile, in recent mining news, Binance Pool, the cryptocurrency mining services arm of the cryptocurrency exchange Binancehas declared thatit aimed to support Bitcoin miners to ride out the crypto winter with a $500 million loan.

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