Landfill Gas Mitigation Firm Vespene Energy Secures $4.3M to Bolster Gas-to-Bitcoin Solutions – Bitcoin News

Vespene Energy is a bitcoin mining company using landfill methane as a fuel, and announced that they have raised $4.3million in a financing round. The funding round was led by Polychain Capital. Vespene aims to use the funds for its pilot in California by using landfill methane to mine bitcoin and “mitigate a major source of greenhouse gas emissions.”

Vespene Energy raises $4.3M to fund a round of funding led by Polychain Capital. Firm aims to give landfill owners the ability to make money from landfill methane

Vespene EnergyPolychain Capital led a funding round that raised $4.3 Million for the company. According to the company’s website, the startup converts landfill methane into bitcoin value with no grid connections or pipeline buildout. Vespene essentially installs onsite data centers powered by micro-turbines, getting energy from municipal landfills’ methane.

Landfill Gas Mitigation Firm Vespene Energy Secures $4.3M to Bolster Gas-to-Bitcoin Solutions

It gives landfill owners the ability to monetize their landfill methane, “reducing routine flaring and maintenance costs,” Vespene’s product summary says. Polychain Capital founder and CEO Olaf Carlson-Wee said on Tuesday that he believes the continued adoption of bitcoin will benefit from solutions like Vespene Energy’s product.

“We are excited to partner with Vespene as they build a creative solution to use mining to eliminate a potent greenhouse gas source, while making its energy mix greener,” the Polychain Capital founder said in a statement. Vespene Energy’s fundraising round comes at a time when there’s been a lot of negative attention focused on Bitcoin’s proof-of-work consensus mechanism and the energy the network uses.

Landfill Gas Mitigation Firm Vespene Energy Secures $4.3M to Bolster Gas-to-Bitcoin Solutions
In addition to the oil and gas industry, landfills also emit a lot of ‘unwanted’ or wasted gas. Data from indicates that landfills are the “third largest anthropogenic source of methane” worldwide, and they account for “approximately 11 percent of estimated global methane emissions.”

Many people believe that much of the attention to bitcoin mining is wrongheaded. However, there are companies who help the environment by using flare gas emissions to power their facilities. Daniel Batten, CEO of Geneious and ESG Analyst, released a report showing that bitcoin mining may be a good option for the environment. Batten’s study further highlights that bitcoin mining is possibly the best way to reduce methane and could eliminate the world’s carbon emissions by 5.32%.

In addition to the flare gas mitigation firm Vespene Energy, there’s also companies like Crusoe Energy, Greenidge Generation, Upstream Data, and EZ Blockchain transforming flare gas emissions into BTC. Crusoe secured capital of $505 million for April 2022. Other gas companies like Exxon Mobil (Equinor) and Conocophillips work with gas-tobitcoin solutions.

Compass Mining also released a documentary video that’s centered around the subject of bitcoin mining and its relationship with the oil and gas industry in Wyoming. The U.S. Environmental Protection Agency (EPA) says that America’s landfills account for 15% of methane emissions, but studies show the numbers could be much higher. According to the company website, Vespene’s tech curbs methane, VOCs, CO2, and NOX emissions.

“Our goal is to mitigate a major source of greenhouse gas emissions and help fuel the transition to a renewable energy future by using Bitcoin mining to turn landfill methane streams into revenue streams for our customers,” Adam Wright, Vespene’s co-founder and CEO, said. Wright’s conclusion:

Since our sites don’t require connection to any pipelines or grids, it is possible for us quickly transform otherwise hazardous and wasteful landfill methane in a power source that can be used for clean carbon-negative Bitcoin miners.

In this story, tags
Adam Wright, Bitcoin mining, Conocophillips, Crusoe Energy, Daniel Batten, EPA, Equinor, ESG analyst, Exxon Mobil, EZ Blockchain, Gas Mitigation, Gas Mitigation Firms, gas-to-bitcoin, Gas-to-Bitcoin Mining, Greenidge Generation, Landfill Gas Mitigation, Landfill Gas Mitigation Firm, Olaf Carlson-Wee, PolyChain Capital, Polychain Capital founder, Upstream Data, Vespene Energy, Vespene’s co-founder

What do you think about Vespene Energy’s capital raise of $4.3 million led by Polychain Capital? Please leave your comments below.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5700 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

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