Giga taps excess natural gas to mine bitcoin, earning more than $4 million last year

According to reports, Brent Whitehead and Matt Lohstroh of Texas, USA, are mining Bitcoin from natural gas drilled for oil. Giga places a shipping container full of thousands of bitcoin miners on top of an oil well, diverting the gas into generators that convert the gas into electricity, which is then used to power the miners. According to Denver-based Crusoe Energy Systems research, the process reduces CO2-equivalent emissions by about 63 percent compared to continuous combustion. Whitehead said they had signed deals with more than 20 oil and gas companies, four of which are publicly traded. Giga also said they are also in talks with sovereign wealth funds and are expanding rapidly. Giga's 11-person team will add six more employees this month.