Proof-of-Stake
Let's Know Things
Colin Wright
4.8 • 593 Ratings
🗓️ 28 June 2022
⏱️ 21 minutes
🧾️ Download transcript
Summary
This week we talk about Ethereum, Bitcoin, and The Merge.
We also discuss gas flares, proof-of-work, and regulation.
Show notes / transcript: https://letsknowthings.com/episode318
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe
Transcript
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| 0:00.0 | In January of 2021, Energy Giant ExxonMobil started a pilot program to test the efficacy of using excess natural gas |
| 0:24.1 | that would otherwise be released into the atmosphere as an accidental byproduct of oil well pumping |
| 0:29.6 | to power mobile generators, which would in turn power Bitcoin mining servers on site. |
| 0:36.4 | Natural gas tends to aggregate in the same underground pockets |
| 0:39.7 | that contain oil and is often burnt, which is what causes those gas flares atop many such |
| 0:45.4 | oil wells, or in some cases it's just allowed to seep into the environment. Since natural gas is |
| 0:51.3 | mostly methane, that's very not good for the environment. |
| 0:55.1 | Methane is more than 25 times as potent a greenhouse gas as CO2. |
| 1:00.1 | And though it's shorter-lived in the atmosphere, it causes a lot more on-the-ground heating compared to other greenhouse gases. |
| 1:06.2 | And its concentration in the atmosphere has ballooned over the past two centuries as oil exploration |
| 1:12.4 | has resulted in a lot of these gas pockets being released into the air, and the pumping of natural |
| 1:18.1 | gas through leaky pipelines has added to that overall atmospheric contribution. The idea here, |
| 1:25.2 | then, is that since oil wells are producing excess natural gas anyway, |
| 1:30.1 | and natural gas is an energy source, why not hook up generators at these oil pumping sites, |
| 1:36.3 | so something productive can be done with that gas, |
| 1:39.0 | rather than just burning it off with no gain, |
| 1:41.3 | or allowing it to seep into the atmosphere and cause a whole lot of harm. |
| 1:45.8 | So this concept comes with two theoretical benefits, the first being that when gas is burned, it releases CO2 and water vapor into the air, |
| 1:53.7 | which isn't ideal, as CO2 is also a greenhouse gas, but it's less bad in many ways than releasing straight-up methane because of that |
| 2:02.1 | aforementioned warmth-trapping potency. The second is that you can potentially earn some serious |
| 2:07.7 | money if you use that excess essentially free after initial infrastructure costs are paid, |
| 2:13.4 | energy in a prudent way. And the solution they came up with, or rather the solution that was |
... |
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