Global Oil and Gas Giant Shell, Taking a Leap on Bitcoin

World's most prominent Oil & Gas firm Shell, is all set to test Bitcoin in its upcoming project. The Fuel giant plans to attend the world's largest Bitcoin convention. This unexpected action has repercussions in both the traditional energy sector and the growing Bitcoin economy.

Bitcoin's popularity and acceptability are growing. Numerous corporate and governmental entities have begun to embrace this digital money. Shell's involvement in the Bitcoin conference illustrates the growing interest in this innovative asset class from traditional sectors.

Previously, the multinational oil corporation Shell struck a two-year sponsorship agreement with Bitcoin magazine to examine the mining business. The sponsorship was intended to put the company's agenda to the forefront at the next Bitcoin Conference, where Shell's innovative cooling solutions to boost the Bitcoin mining business would be showcased.

How Shell Will Improve Bitcoin Mining?

The official Twitter handle of Bitcoin Magazine added in a post that Shell will be participating in the Bitcoin Conference which is held in Florida from 18 May to 20 May. The two-day conference will discuss the future of Bitcoin with people coming up with different ideas to make the crypto more accessible and acceptable.

Darin Gonzalez, Shell Lubricants' head of US immersion cooling, previously stated:

“Shell Lubricants is committed to providing customers with carbon reduction alternatives, and one of the most important benefits of immersion cooling fluid is sustainability and renewable energy.”

Thus, Shell's key aims are to reduce carbon emissions through sustainable solutions and to reduce Bitcoin mining energy costs with the use of methods obtained from the corporation itself.

SHell's Intention to Use Immersion Cooling for Bitcoin Mining

Shell revealed its intention to increase its usage of immersion cooling technology to power its data centres as early as August of last year. According to Shell, data centres that mine Bitcoin account for 1% of worldwide energy use. 

The company has formed a two-year collaboration with Bitcoin Magazine, the event's organiser, to sponsor the 2023 and 2024 Bitcoin Conferences.

As the globe shifts towards greener energy sources, Bitcoin has come under fire for its high energy use. Shell's participation in the conference may give insights into how the energy sector and cryptocurrency may coexist and perhaps grow.

This event might mark the beginning of a new era in the interaction between traditional energy behemoths and the cryptocurrency sector. It will be intriguing to observe how this partnership develops and impacts both sectors' future.

Conclusion

As Bitcoin's hashrate is increasing day by day, the energy to mine Bitcoin is also proportionately increasing. The energy consumption per watts is touching the sky as the concern remains constant for Bitcoin Mining sustainability. Shell's innovative method to reduce the Bitcoin Mining energy consumption by using Immersion cooling if deployed, Mining will become efficient also.