Feb 20, 2023 | Posted by MadalineDunn
Allied Energy has announced it has signed a definitive agreement with Enerhash USA and River Energy Group through which it will develop flare gas-powered crypto mines. According to the company, the first part of the project will be carried out at Allied's Thiel Well in Texas, which will be a base model for the 20MW flare-gas project across Texas. The company has outlined that the first phase will include a 1MW site, which is set to grow to 3MW by the end of the year.
Further, the company outlined that the recently signed MoU is based on the Memorandum of Understanding (MoU) the two had previously signed to work together on the feasibility of developing solutions for stranded and flare gas resources to power Bitcoin mines and High-Performance Computing (HPC) data centers.
"We could not be more excited to grow this relationship with Enerhash as they are a proven global leader in this industry. We are extremely confident that we have the right partners to succeed in this sector and bring value to our shareholders," said Allied CEO George Monteith.
"Our shared goal is to have the Thiel Well site operational by late Q1 or early Q2 of this year and then expand based on what we learn from our experiences and data collection. As stated previously, this 1MW project is the first phase of a 20MW development project. This is the goal that all parties are committed to achieving."
When it comes to flare gas crypto mines, there are a lot of critics, who argue that it is a way of facilitating further fossil fuel profitability. Further, climate experts argue that this repurposing of waste gas is not a solution, but part of the problem.
Further, the company outlined that the recently signed MoU is based on the Memorandum of Understanding (MoU) the two had previously signed to work together on the feasibility of developing solutions for stranded and flare gas resources to power Bitcoin mines and High-Performance Computing (HPC) data centers.
"We could not be more excited to grow this relationship with Enerhash as they are a proven global leader in this industry. We are extremely confident that we have the right partners to succeed in this sector and bring value to our shareholders," said Allied CEO George Monteith.
"Our shared goal is to have the Thiel Well site operational by late Q1 or early Q2 of this year and then expand based on what we learn from our experiences and data collection. As stated previously, this 1MW project is the first phase of a 20MW development project. This is the goal that all parties are committed to achieving."
When it comes to flare gas crypto mines, there are a lot of critics, who argue that it is a way of facilitating further fossil fuel profitability. Further, climate experts argue that this repurposing of waste gas is not a solution, but part of the problem.
