In Brief:
- The oil and gas executives and bitcoin miners gathered to discuss the future of bitcoin mining.
- More than 200 investors attended the meeting from states of Texas, California, Colorado, Louisiana, Pennsylvania etc.
Last week, more than 200 oil and gas executives and bitcoin miners gathered to discuss the future prospects for bitcoin mining. This gathering took place in a vintage-car warehouse in Houston to examine the possibilities that Texas energy producers could bring for miners.
Hayden Griffin, an oilman who turned into a bitcoiner, tells CNBC that they are already seeing demand rushing to Texas. He is convinced that the state will capture most of the Chinese hashrate.
Oil wells that are not so big to build pipelines into their operations usually burn natural gas. This natural gas can be used to power generators that would feed micro mining operations in each well. It will bring profit to both miners and producers and will also benefit the environment.
“When I heard that you could make this much money per MCF ( a metric used to measure natural gas), instead of just burning it up into the atmosphere, thanks to the whole ‘bitcoin mining thing,’ I couldn’t look away. You can’t unsee that,” Haby said.
Parker Lewis, an executive at Unchained Capital, is one of Texas’ de-facto bitcoin ambassadors. Unchained Capital is a bitcoin native financial services firm. In May, the Houston Bitcoin Meetup consisted of only 20 people in a fluorescent-lit conference room in an office. Then, Lewis decided to take part.
“I just knew Houston would be prime to explode because of the energy connection to mining- if we organized a good meetup,” Lewis told CNBC. “It’s also key to Texas being the bitcoin capital of the world.”
Lewis’s efforts are paying off. Meetup drew more than 200 attendees from across states of Texas, California, Colorado, Louisiana, Pennsylvania, New York, Australia, and the U.K.
