Oman Investment Authority, a sovereign wealth fund, participated in the $350 million Series C funding round of Crusoe Energy, the Denver-based company that pioneered cutting gas flaring with the help of cryptocurrency mining, Bloomberg reports.
Crusoe Energy CEO Chase Lochmiller says that the company will open an office in Muscat, the capital of Oman, in order to capture flared gas and use it for mining.
The term "gas flaring" refers to burning excessive gas associated with oil extraction. The practice routinely faces criticism from environmental activists since it a major source of greenhouse gas emissions.
While Crusoe Energy claims that it can greatly reduce emissions related to flaring, it is still far from being the darling of climate activists since the process of Bitcoin mining itself is a very energy-intensive business that significantly relies on fossil fuels.
Alex DovbnyaCrusoe Energy also has Canadian oil firm Enerplus and Oklahoma City-based Devon Energy among its clients.
It is expected to kickstart its first gas-for-Bitcoin pilot project in Oman next year.
The price of Bitcoin is down 31.29% on a year-to-date basis, but Lochmiller says that the big correction will not affect the company's ambitious expansion plans.
Denys Serhiichuk
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov