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Shell, oil giant, enters the bitcoin mining sector

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Shell, one of the biggest oil and gas businesses in the world, wants to provide cooling and lubricating products to Bitcoin (BTC) miners.

According to the statement, Shell officials will be present at the conferences and will speak on the mining stage about how Shell’s lubricant and cooling solutions may reduce the energy costs associated with bitcoin mining.

The company inked a two-year deal with Bitcoin Magazine, the conference’s organiser, and will sponsor it in 2023 and 2024.

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“One of the most important benefits of immersion cooling fluid is sustainability and renewable energy,” said Darin Gonzalez, US immersion cooling lead at Shell Lubricants, adding that this firm seeks to offer its customers carbon reduction choices.

According to a statement made by Shell last year, data centres “account for roughly 1% of global electricity consumption, a third of which comes directly from electronic cooling components.” Shell also stated that it was extending its product portfolio to include immersion cooling fluid for data centres. Notably, Bitcoin is also mined in data centres.

According to a report, David Bailey, the CEO of Bitcoin Magazine, said that Shell’s entry into the mining industry is “a significant success for Bitcoin.”

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Shell USA is a wholly-owned subsidiary of the multinational group of energy and petrochemical corporations with its headquarters in London called Shell.

In May of next year, the following Bitcoin Conference will take place in Miami, USA.

A 10-company group known as the OOC Oil & Gas Blockchain Consortium, which included energy goliaths Shell and Exxon, successfully piloted oilfield water-handling payments at an American shale field in 2020, as was previously reported. In the meantime, recent mining news reported that Binance Pool, the cryptocurrency exchange Binance’s subsidiary that provides mining services, sought to help Bitcoin miners survive the crypto winter with a $500 million loan.

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Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.

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