Why Did 200 Bitcoin Miners and Oil & Gas Execs Just Have a Secret Meeting in Houston?
Bitcoin has a well known problem, even if many bitcoin fans would like to ignore it or pretend it isn’t real. The problem is that bitcoin mining uses an enormous amount of electricity. It’s not a large amount, and actually maybe it’s not even an enormous amount — it’s an absurd amount.
Naturally, people who like the concept are eager to brush it off by saying that bitcoin miners can just use renewable energy — solar and wind are cheapest now anyway for new power production, right? However, that misses a few points. There’s only so much solar PV and wind turbine production capacity, and increasing production capacity takes years, and needs clear signals. Production needs to increase rapidly and it has been increasing rapidly, but that increased production is needed to avoid or turn off fossil fuel power plants. Every single serious plan for reducing emissions an adequate amount by 2030 involves cutting energy use — cutting it a lot. We need to retire coal and fossil methane* power plants yesterday (*aka “natural gas,” but we’re starting to drop the use of this term here on CleanTechnica since it’s a greenwashing term). We need new solar and wind power plants to come online to do that. Even if bitcoin miners started gobbling up solar panels and wind turbines to power their mining, that would mean those cleantech power plants would be less available for other markets and those other markets would be powered by fossil fuels longer.
Sure, in 2050, go for it if you want! Go crypto crazy. But we need to shut down hundreds of fossil power plants in the 2020s, and we can’t be delaying that just because some people don’t want to trust the federal governments and organizations that manage monetary policy today.
But let’s get back to the story. It’s a fascinating one.
With their massive, massive energy needs**, bitcoin miners have been known to use enormous amounts of coal power, particularly in China (**and no, this is nothing like the energy needs of ATMs — which I don’t think I’ve used in ~10 years — or online banking; it is far more energy use on a per-transaction basis). As the bitcoin market grows, it needs to find more and more power around the world, and that means more and more dirty power. That brings us to the news. Recently, 200 bitcoin miners and oil & gas execs reportedly met in a private setting in Houston, Texas. CleanTechnica wasn’t invited, so we can’t say for sure if this was about getting more power supply for mining, if it was about investment opportunities of some sort, if it was about money-hiding tactics to avoid paying taxes, or if it was just a benevolent meeting to chat sports, weather, and pumpkin spice lattes. However, reporting from CNBC indicates it was primarily about the first thing — getting dirty electricity to power more bitcoin mining.
“On a residential back street of Houston, in a 150,000 square-foot warehouse safeguarding high-end vintage cars, 200 oil and gas execs and bitcoin miners mingled, drank beer, and talked shop on a recent Wednesday night in August,” CNBC reported last week. “One big topic of discussion: Using ‘stranded’ natural gas to power bitcoin mining rigs, which both reduces greenhouse gas emissions and makes money for the gas providers, as well as the miners.”
Let’s pick apart that last sentence, because it’s the critical one and the second half of it makes no sense. “Stranded assets” in this context are not power plants that are no longer competitive (though, some of them have been revived or kept alive to power bitcoin mining). Bitcoin mining is bringing economic viability back to a dying fossil-power-plant market in another way. What is being tapped, according to the article, is otherwise unused fossil methane at oil sites. Notably, using that “stranded methane” is making oil drilling more economical, and making it easier to keep selling deceptively cheap oil. There is nothing good about this. And that’s not the end of the environmental disaster. The way this stranded methane is being burned is also extremely inefficient and harmful for our climate.
Bitcoin isn’t a joke. It’s a massive, insane climate disaster.
Here are a few more choice quotes from the CNBC story:
Just take Hayden Griffin Haby III, an oilman turned bitcoiner. The Texas native and father of three has spent 14 years in oil and gas, and he epitomizes what this monthly meetup is all about.
Haby started as a surface landman where he brokered land contracts, and later, ran his own oil company. But for the last nine months, he’s exclusively been in the business of mining bitcoin. … [H]e co-founded Limpia Creek Technologies, which powers bitcoin mining rigs with flared, vented, and stranded natural gas assets.
Bitcoin miners care most about finding cheap sources of electricity, so Texas – with its crypto-friendly politicians, deregulated power grid, and crucially, abundance of inexpensive power sources – is a virtually perfect fit. The union becomes even more harmonious when miners connect their rigs to otherwise stranded energy, like natural gas going to waste on oil fields across Texas.
“I just knew Houston would be prime to explode because of the energy connection to mining – if we organized a good meetup,” [Parker] Lewis told CNBC. “It’s also key to Texas being the bitcoin capital of the world.”
Capturing excess and otherwise wasted natural gas from drilling sites and then using that energy to mine bitcoin is still firmly in the category of avant-garde tech.
The article noted that this meeting and the bitcoin miner rush to Texas were triggered in large part by China kicking bitcoin miners out. As noted previously, bitcoin miners have been using an enormous amount of coal power, mostly in China. The plan for many of them now seems clear: forget about Chinese coal, just switch to cheap fossil fuel power in Texas.
Anyone who thinks bitcoin isn’t an environmental and climate catastrophe isn’t paying attention or is putting on some seriously handicapping blinders. Switching to such an enormously energy intensive investment tool (because, come on, no one is spending bitcoin like it’s cash money) is not just a mistake. It’s essentially a crime against humanity. Human society is digging the graves of millions or billions of people because of catchphrases and fanciful idealistic thinking. No cryptocurrency is going to wipe out wealth inequality or solve the world’s problems. All I’m seeing so far is that it’s creating bigger problems. (Side note: the cult-like obsession with crypto is also a bit annoying on social media and various forums around the interwebs, and there is no doubt a ridiculous amount of bot activity and propaganda pumping.)
Oh, and I haven’t even gotten to what seems to be the worst part yet. The way that much of this fossil methane is being burned is about as inefficient as it gets. The “miners” are using generators. Here’s more:
“Chemistry is amazing,” explained Adam Ortolf, who heads up business development in the U.S. for Upstream Data, a company that manufactures and supplies portable mining solutions for oil and gas facilities.
“When CH4, or methane, combusts, the only exhaust is CO2 and H2O vapor. That’s literally the same thing that comes out of my mouth when I exhale,” continued Ortolf.
But Ortolf points out, flares are only 75 to 90% efficient. “Even with a flare, some of the methane is being vented without being combusted,” he said.
This is when on-site bitcoin mining can prove to be especially impactful.
When the methane is run into an engine or generator, 100% of the methane is combusted and none of it leaks or vents into the air, according to Ortolf.
“But nobody will run it through a generator unless they can make money, because generators cost money to acquire and maintain,” he said. “So unless it’s economically sustainable, producers won’t internally combust the gas.”
…
“This is the best gift the oil and gas industry could’ve gotten,” said Ortolf. “They were leaving a lot of hydrocarbons on the table, but now, they’re no longer limited by geography to sell energy.”
Somehow, the CNBC article tries to spin this as a good thing environmentally. I guess the reporter doesn’t know anything about the matter and just bought the bitcoin miners/oil & gas guys’ illogical talking points. Perhaps they even now think that the wonderful CO2 emissions we are flooding our atmosphere with will just lead to more trees and bushes.
Featured photo courtesy of Pixabay/Pexels (CC0)
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Hyundai has unveiled the design refresh of its Ioniq 6 sedan, and announced that it will become a family of cars rather than a single model, with an N Line trim and upcoming N performance model, much like its sister car the Ioniq 5.
Hyundai has been doing great with its EVs lately, hitting sales records and getting great reviews.
Much of that focus has been on the Ioniq 5, an attractive crossover SUV with lots of capability at a good price – and a bonkers N performance version which has been breaking different kinds of records.
The Ioniq 6, conversely, hasn’t attracted quite as much attention, even though it has some records of its own (it’s the most efficient vehicle in the US… for under $70k).
Between its admittedly odd looks – much more aerodynamic and rounded than the comparatively blocky 5 – and it fitting into the less-popular (but better) sedan form factor, it just hasn’t captured as much imagination as the 5.
It has also fallen somewhat behind. The Ioniq 5 got a big update this year, including a native NACS port, the first non-Tesla mass market vehicle to hit the road with one of these included (and it even charges faster than a Tesla does on home turf). The 6, however, is still sitting on its original design from when it first started production/shipping in 2022/23.
But that’s about to change, as Hyundai is giving the model some love with a design update and some hints at new things to come.
We’ve seen spy shots of these design updates before, but now Hyundai is showing them to everyone at the Seoul Mobility Show.
Hyundai showed two models today, the standard Ioniq 6 and the “N Line,” an upgraded trim level with some interior and exterior changes to look a little more sporty. Hyundai has used similar nomenclature for its other models, and that carries over here.
Both have a redesigned front end, making it look more aggressive than the prior bulbous and aerodynamic shape, and narrower headlights.
The N Line looks even more aggressive than the standard model, though, with an even more aggressive front and rear end.
Hyundai says that the redesign will also include interior enhancements for “a more comfortable, intuitive experience,” with a redesigned steering wheel, larger climate control display, upgraded materials and redesigned center console with more physical controls.
Beyond this, the refresh was light on details – intentionally, with a full unveil of specs and changes coming later. We can imagine a lot of the improvements on the 2025 Ioniq 5 will be carried over, such as a native NACS port for example, and potentially a slightly larger or faster-charging battery.
We had also previously heard hints that an N version (yes, “N” and “N Line” are different, no, we don’t know why they used these confusing names) of the Ioniq 6 is coming, and Hyundai reiterated those hints today – even giving us a glimpse of the car in the background of one of its shots.
Now THIS one looks quite aggressive, with a bigger double wing and potentially some changes to the diffuser (it’s hard to tell from the shot, as the N Line also has a modified diffuser).
The ioniq 5N has earned rave reviews from enthusiasts for its bonkers driving dynamics and comparatively reasonable price for a true performance vehicle. But it’s still an SUV format, and frankly, an SUV will never be a sportscar no matter how many horsepower you put into it (I will die on this hill).
The 6, however, with its sedan shape and footprint, could make for a much more compelling sports package once it’s all put together. So we’re very excited to see what Hyundai can do if they apply the same magic they put into the 5 into a new 6N. Looking forward to July.
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Over the next two years, homebuilder Lennar is outfitting more than 1,500 new Colorado homes with Dandelion Energy’s geothermal systems in one of the largest residential geothermal rollouts in the US.
The big draw for homeowners is lower energy bills and cleaner heating and cooling. Dandelion claims Lennar homeowners with geothermal systems will collectively save around $30 million over the next 20 years compared to using air-source heat pumps. Geothermal heat pumps don’t need outdoor AC units or conventional heating systems, either.
Geothermal systems use the sustained temperature of the ground to heat or cool a home. A ground loop system absorbs heat energy (BTUs) from the earth so that it can be transferred to a heat pump and efficiently converted into warmth for a home. Dandelion says its ground loop systems are built to last for over 50 years and should require no maintenance.
Dandelion’s geothermal system uses a vertical ground closed-loop system that is installed using well-boring equipment and trenched back into the house to connect to a heat pump. The pipes circulate a mixture of water and propylene glycol, a food-grade antifreeze, that absorbs the ground’s temperature. A ground source heat pump circulates the liquid through the ground loops and it exchanges its heat energy in the heat pump with liquid refrigerant. The refrigerant is converted to vapor, compressed to increase its temperature, then passed through a heat exchanger to transfer heat to the air, which is circulated through a home’s HVAC ductwork.
Daniel Yates, Dandelion Energy’s CEO, called the partnership with Lennar a “new benchmark for affordable, energy-efficient, and high-quality home heating and cooling.” By streamlining its installation process, Dandelion is making geothermal systems simpler and cheaper for homebuilders and homeowners to adopt.
This collaboration is happening at a time when Colorado is pushing hard to meet its clean energy targets. Governor Jared Polis is excited about the move, calling it a win for Coloradans’ wallets, air quality, and the state’s leadership on geothermal energy. Will Toor, executive director of the Colorado Energy Office, said that “ensuring affordable access to geothermal heating and cooling is essential to achieve net-zero emissions by 2050, and we’re excited to be part of such a huge effort to bring this technology to so many new Colorado homes.”
And it’s not just about cutting emissions – geothermal heat pumps help reduce peak electric demand. Analysis from the Department of Energy found that widespread adoption of these systems could save the US from needing 24,500 miles of new transmission lines. That’s like crossing the continental US eight times.
Colorado is making this transition a lot more attractive through state tax credits and Xcel Energy’s rebate programs. These incentives slash upfront costs for builders like Lennar, making geothermal installations more financially viable. The utility’s Clean Heat Plan and electrification strategy are working to keep energy bills low while meeting climate goals.
Read more: This will be the first geothermal energy storage system on the Texas grid
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Polestar has removed the Polestar 2 from its US website header in an early sign of how new tariffs will restrict choice and competition for American consumers, thus increasing prices.
The Polestar 2 is Polestar’s first full EV – the original Polestar 1 was a limited-edition plug-in hybrid.
It started production in 2020 in Luqiao, Zhejiang, China, where Polestar and Volvo’s parent corporation, Geely, was founded.
And there’s the rub: while Polestar’s newer EV, the 3 (which we just drove the new single motor version of last week), is built in South Carolina, the 2 is not.
Unfortunately, that interacts with some news that has been getting a lot of play lately: tariffs.
The US has been gradually getting stupider and stupider on the issue of tariffs, apparently determined to increase prices for Americans and decrease the competitiveness of American manufacturing in a time of change for the auto industry.
It is widely acknowledged (by anyone who has given it a few seconds of thought) that tariffs increase prices and that trade barriers tend to reduce competition, leading to less innovation.
It started with 25% tariffs on various products from China, implemented in the 2018-2020 timeframe. Then, in 2024, President Biden implemented a 100% tariff on Chinese EVs, effectively stopping their sale in the US. These tariffs included some exceptions and credits based on Volvo’s other US manufacturing, which Polestar had used to keep the most expensive versions of the 2 on sale in the US, while restricting the lower-priced versions from sale. Nevertheless, they were a bad idea.
Now, in yet another step to make America less competitive and inflate the prices of goods more for Americans, we got more tariff announcements today from a senile ex-reality TV host who wandered into the White House rose garden (which he does not belong in). These tariffs do not include the same exceptions as the previously-announced Biden tariffs.
Apparently this has all been enough for Polestar, as even in advance of today’s tariff announcements, the company suddenly removed its Polestar 2 from its website header today.
The change can be seen at polestar.com/us, where only the Polestar 3 and 4 are listed in the header area. On other sites, like the company’s Norwegian website or British website, the car is still there. The Polestar 2 page is still up on the US website, but it isn’t linked to elsewhere on the site (we’ll see how long it stays up).
We reached out to Polestar for comment, but didn’t hear anything back before publication. We’ll update if we do.
It makes sense that the Polestar 2 would still be for sale elsewhere, as it only started production in 2020. Most car models are available for at least 7 years, so this is an earlier exit than expected.
So it’s likely that all of the tariff news is what had an effect in killing the Polestar 2.
Then again, this is also just the second day of a new fiscal quarter. Perhaps the timing offers Polestar an opportunity to make a clean break – especially now that the lower-priced version of its Polestar 3 is available.
Despite the lower $67.5k base price of the new Polestar 3 variant, that represents a big increase in price for the brand, which had sold the base model Polestar 2 for around $50k originally, before all of these tariffs.
Update: Polestar got back to us with comment, but understandably, it doesn’t say much:
Polestar is a three-car company and Polestar 2 is available for customers now. There are a select number of Polestar 2s in stock at retailers that can be found on Polestar.com, but Polestar 3 and Polestar 4 will be the priority in the North American market.
Electrek’s Take
This isn’t the first car that America has been deprived of due to tariffs. The Volvo EX30, one of our most anticipated vehicles, and Electrek’s Vehicle of the Year for 2024, had its American availability pushed back due to tariffs.
Volvo decided to build the car in Belgium and export it to the US, but now that new tariffs apply to the EU as well, maybe that low-priced, awesome, fast, small EV will instead stay in Europe instead of being shipped overseas.
This shows how mercurial tariff fiats from an ignoramus are bad for manufacturing, as they mean that companies can’t make plans – and if they can’t make plans, eventually, they’ll probably just write the country making the random decisions out of their plans so they don’t have to deal with the nonsense.
And we’ve heard this from every businessperson or manufacturer representative we’ve talked to at any level of the automotive industry. Nobody thinks any of this is a good idea, because it objectively is not. All it does is make business harder, make the US less trustworthy, make things more expensive, and overall just harm America.
Yet another way that Americans are getting screwed by this stupid nonsense. 49% of you voted for inflation, and 100% of Americans are now getting it. Happy Inflation Day, everyone.
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