Toronto, Canada [May 23, 2022] – News release content.
PermianChain, a technology platform that brings together the crypto-mining and energy sectors, has registered more than 10.3 billion standard cubic feet (bscf) of stranded natural gas in Australia on its digital energy platform for affordable bitcoin mining. The combined resources are expected to produce 0.5 million standard cubic feet per day (MMscf/d) which will be converted to around 1.5 megawatts of off-grid electricity. This is enough electricity to power an additional 450 new generation bitcoin mining machines, increasing PermianChain’s hashrate capacity by 45 PH/s, without competing with domestic or business electricity users. PermianChain had already deployed over 1.0 megawatt in Alberta, Canada with Brox Energy, a bitcoin energy company.
PermianChain developed a solution to digitally streamline off-grid energy that would have otherwise been wasted or stranded, using it to power its pool of bitcoin miners. The platform includes features that allow for tracking and monitoring of bitcoin mining activity. With the company’s smart off-take agreement (SOTA), a smart contract designed by PermianChain to secure future energy production, the company is working closely with energy producers to tokenize off-take agreements on its digital energy platform that would commercialize wasted and stranded resources for compute power.
The total power expected to be registered on the platform by Q1 2023 is estimated at around 100 megawatts, increasing PermianChain’s hashrate capacity from its current 114 PH/s to an estimated 2.7 EH/s.
“We provide the gateway for the oil and gas sector to enter the world of DeFi,” says Mohamed El-Masri, founder and CEO of PermianChain Technologies and Brox Equity Ltd. “We help oil and gas firms make some of their contingent resources commercially recoverable by leading the transition into the digital economy. The global energy sector has been exposed to geopolitical risks that are challenging sales and distribution of such resources. By adopting bitcoin mining and integrating web3 solutions, PermianChain provides energy firms a digital alternative to the way energy resources are currently funded, produced, bought and sold”.
The PermianChain Miner platform was launched in 2020 with 4.0PH/s and has enjoyed steady growth as its stakeholders across North America and the EMEA region look for efficient ways to both buy and sell gas that would otherwise go to waste.
PermianChain Technologies is a Toronto-based technology company that is focused on bringing efficiencies of the blockchain to natural resources. Creating value in resource finance and sustainability.
PermianChain’s proprietary technology platform brings together the blockchain economy and energy sectors to reduce the on-grid footprint of compute. Making it possible to utilize stranded and wasted energy resources, unlocking liquidity and transforming the way that energy resources are funded, produced, bought and sold.
Established in 2018, PermianChain Technologies is now a leader in natural resources tokenization.