The crypto world is entering one of the most important stages of uncertainty in its history. When the next Halving in the Bitcoin Blockchain is just a few days away, which has the potential to take BTC to a new level, or sink it following the Bitcoin Cash pattern. And given this scenario, the possibility arises that the oil companies will become the largest BTC miners.
The possibilities of Bitcoin Halving
Halving is a controversial topic, even though for most users of the crypto community this event will undoubtedly be a positive one. Basing this belief on the pattern followed by Bitcoin after its last two Halving. When the price of the cryptocurrency increased by around 17,000% each time.
And it is logical to consider that this is what will happen, because that was the intention with which Satoshi Nakamoto, the mythical creator of Bitcoin, designed the cryptocurrency.
He devised it as a deflationary virtual currency, as the rate of growth in its monetary liquidity decreased with each Halving. Therefore, reducing the supply of BTC, which with a stable demand, should shoot up its price.
However, there is the flip side of the coin in this situation. We refer to the Bitcoin Cash and Bitcoin SV experience. Bitcoin “daughter” cryptocurrencies, which lived their own Halving for the past week. Resulting in a reduction in half of the reward received by the miners of both chains, as planned.
But with the addition that there was no increase, even a small one, in the price of any.
Therefore, the BCH and BSV miners suddenly found themselves with a lower payment for their participation in the platform, without this being compensated by an increase in their price. Leading to the massive outflow of miners from both Blockchains, who were targeting more profitable currencies like Bitcoin.
Could oil companies become BTC’s biggest miners?
It is in this context when one of the most revolutionary ideas arises within the crypto industry: Bitcoin mining with oil. A project promoted by Marty Bent and the company Great American Mining (GAM).
Basically, this company would be taking advantage of the gas that arises as a residue from the extraction of crude oil from the subsoil, to use it as an energy source to power Bitcoin mining machines. In a process that, so far, has proven to be up to 5 times more profitable than sending and selling that gas through pipelines.
With this idea, that Bent and GAM would be trying to sell to oil companies around the world, it would also promote a new way of organizing mining farms. Exceeding the model of department stores to move to stackable containers filled with mining machines.
Although at this moment it seems unlikely that the oil companies will become the largest BTC miners, without a doubt the initiative of the Great American Mining, demonstrates the amount of possibilities still to be discovered within the crypto world. What makes this our Today’s Data here at CryptoTrend.