Eco-friendly virtual currency mining technology development company 'Crusoe' raises more than 60 billion yen, using excess natural gas in oil fields

It has been pointed out that mining virtual currencies such as Bitcoin requires a great deal of electricity, and mining is causing environmental deterioration. Meanwhile, the company ' Crusoe ' that develops a system that 'executes mining using surplus gas during oil production and reduces carbon dioxide emissions by 63%' is $ 505 million (about 64.6 billion yen). We announced that we have successfully raised funds.

Crusoe Energy Systems Closes $ 505 Million in New Capital Led by Climate Technology Investors G2 Venture Partners, Prepares Launch of CrusoeCloud ™ | Business Wire
https://www.businesswire.com/news/home/20220420005676/en/

Mining in virtual currencies such as Bitcoin is simply 'processing to solve extremely complicated computational problems with a computer', and mining is a collection of computers with high processing power in order to execute mining efficiently. Factories are being built all over the world. As a result, the amount of electricity used for mining has reached a scale that exceeds the amount of electricity consumed in the Netherlands and the UAE, and it has been pointed out that mining causes global warming .

Crusoe, which has successfully raised $ 505 million this time, is a company that develops a mechanism to secure the electricity required for mining using natural gas generated from oil fields. Generally, the gas generated from oil fields contains a lot of impurities and transportation costs are high, so it is not used as an energy source and is burned in oil extraction facilities. The system developed by Crusoe can reduce carbon dioxide emissions by up to 63% by using the gas generated in the oil field for mining.

According to the announcement, the Crusoe system is in operation at 86 locations and has already reduced carbon dioxide emissions by 650,000 tons per year. 'The funds raised this time will help expand the vertical integration of computational workloads and energy sources,' said Chase Lochmiller, CEO of Crusoe.