On November 13th, the Saudi company Permianchain is using abandoned energy in northern Canada. Powered about 270 Bitcoin mining machines throughout the country.
Due to the logistics difficulties of extracting energy from remote wilderness and delivering it to the grid. Tens of thousands of “stranded” natural gas wells have not been used. In addition to these 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 that a site can generate. These digital tokens can then be exchanged and used for Bitcoin mining.
It is understood that the company recently received a large investment from Saudi Arabia’s Herz Investment Company. And there are other supporters in Saudi Arabia and Dubai.