The Sovereign Fund of Oman became a shareholder of the mining company Crusoe Energy to develop the technology for mining crypto-currencies using electricity obtained from the burning of associated gas.
Oman Investment Authority has gained stake in the share capital of the American company Crusoe Energy in the amount of $ 350 million. Director of Crusoe Energy Chase Lohmiller (Chase Lochmiller) said that the company will open an office in the capital of Oman, Muscat, from where it will control the process of deploying electric gas generators and mining equipment at the drilling sites of the country.
Although Crusoe Energy claims that its technology significantly reduces the cost of power generation, oil company environmental taxes, and gas flaring-related emissions, it is regularly criticized by climate activists.
By opinion experts, the fact that a company uses gas that would otherwise be wasted does not negate the fact that it burns fossil fuels to mine cryptocurrency. Recall that in April of this year, Crusoe Energy raised $505 million to develop energy-saving programs in the United States.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
