The family office of the Winklevoss twins, the Winklevoss Capital, participated in the $4.5 million seed financing round for the flare mitigation provider Crusoe Energy Systems Inc, to advance its construction of data centers which can mine crypto. This news was reported last week, on the 3rd of May.
The purpose of Crusoe Energy Systems Inc
Flare mitigation, as the Crusoe press release accompanying the seed financing round outlined, has the goal to reduce the environmentally deleterious effect of flaring surplus natural gas that is in various cases utilized to tackle the difficulties of transporting excess gas supplies.
Although flaring is actually restricted by some regulatory restrictions and lobbying from certain environmental groups, flare mitigation solutions may help in resolving the problem of excess supply by converting the natural gas into electrical power at the wellsite.
The fresh financing round of Crusoe Energy Systems, which is led by Bain Capital Ventures and Founders Fund Pathfinder, has the purpose of accelerating the construction of the mobile modular data centers of the firm.
The technology of Crusoe Energy
According to the outline of the press release, technologies for flare mitigation can handle the large-scale gas throughputs which are required by the North American shale industry of today.
The technology of Crusoe harnesses otherwise wasted energy fro the growing industries which require intense energy computing like artificial intelligence and blockchain.
These systems were also said to be scalable to up to millions of cubic feet per day and deployable all over North America. In one emailed statement, the Winklevoss Capital Sterling Witzke stated that Crusoe Energy is definitely in an official position to reduce costs of crypto mining and cloud computing. Their technology is actually a win-win combination for the energy producers, digital economy, and the environment too.
The company works with oil and gas companies
According to one interview with the co-founder of Crusoe Energy, named Chase Lochmiller, the company is working with undisclosed, as well as abundant publicly traded gas and oil companies.
As it was reported previously, the high energy consumption which is required by the mining of several cryptos has sparked intense debate within the community of cryptocurrency and beyond.
Last summer, a clean energy expert hit back against the general perception that the intensity of energy is in the “Achilles Heel” for Bitcoin or BTC, arguing that the debate has to be differently oriented to focus on the sources of electrical power, instead of consumption levels.