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Canadian oil and gas company Bengal Energy is starting a pilot program where it will set up around 70 Bitcoin mining rigs inside a portable building (donga), near a number of previously out-of-operation gas wells in the Cooper Basin, Australia.
As reported in The Australian, Bengal Energy’s chief operating officer, Kai Eberspaecher, said his company is conducting the trial with the help of its local oil and gas extraction partners, Santos Energy and Bridgeport Energy.
Eberspacher noted that the recently acquired gas wells brought a challenge, because they are what is called “stranded wells,” although technically the company can produce power from the gas on site, the existing distribution pipelines are too far away to reach.
The portable Bitcoin mining rigs came as a solution to their challenges. A donga, outfitted with 66 mining rigs that can generate around 0.005 BTC per day which equates to roughly $234 at current market prices.
If successful, Bengal Energy plans to be scaling up its Bitcoin mining activities by a factor of 10 to 20 times.
Recently, energy firms ConocoPhilips and Exxon Mobil, have started pilots exploring the potential of typically wasted energy to power Bitcoin mining operations.