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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Environment
Review: I tested the Viribus SC5 fat tire electric trike, and it’s more capable than I expected
When I first saw the Viribus SC5 electric trike, I figured it would be a budget-friendly utility trike with basic features and limited performance. I’ve tried a Viribus e-trike before, and while it got the job done, it was a fairly basic and entry level model. But this time, I was pleasantly surprised to find that the SC5 delivers more than just the basics.
I’ve been testing it now for various errands, grocery runs, and casual rides around the neighborhood. After logging some decent miles on it, here’s what I’ve learned about this three-wheeled e-bike, and why I think it’s a strong contender in the growing world of electric trikes.
Viribus SC5 Electric Trike video review
Want to see what it’s like to hop on the SC5 and go for a ride? Watch my video review below! Or keep reading for my complete review.
Viribus SC5 Electric Trike tech specs
- Motor: 500W front geared hub motor (750 W peak)
- Top speed: 20 mph (32 km/h) on throttle or 24 mph (38 km/h) on pedal assist
- Pedal-assist range: Up to 65 miles (104 km)
- Throttle range: 38 mi (61 km)
- Battery: 48V 15Ah (720 Wh)
- Max load: 395 lb (180 kg)
- Rear rack max load: 110 lb (50 kg)
- Brakes: Mechanical disc brakes with 160 mm rotors
- Price: $1,299
- Extras: LED display, 7-speed Shimano shifter, big rear basket with tail gate and side panels for flatbed-style carrying, plush comfort seat with backrest, LED headlight and tail light, electric horn, right-side half-twist throttle, and three color options
Power that holds up in the real world
Let’s start with the motor. The SC5 uses a 500W front hub motor (750W peak), and while that’s not mind-blowing power on paper, it actually feels pretty solid out on the road. I was able to cruise comfortably at 20 mph using the throttle, and even got up to 24 mph with light pedaling assist.
A front hub motor is less elegant than a rear motor mounted in a jackshaft style to drive the rear axle, since it can mean that too much torque causes front wheel slippage, but the SC5 seems to have found a good solution in modest torque that prevents the wheel from spinning under normal operation. If you’re going full-throttle in wet leaves or other loose terrain though, you can bet that you’ll get a bit of front tire burnout, so be aware of that.
The modest 500W motor also means that the trike is not a rocket ship, but it doesn’t need to be. I found the acceleration to be smooth and predictable – exactly what you want from a utility-focused trike. The half-twist throttle is removable, but I left it on during testing because let’s be honest, it’s nice to have that instant go-power when you’re loaded down with cargo.
I don’t have many hills to test it on in flat Florida, so I can’t say for sure how well it climbs up anything super steep, but that front mounting location for the motor isn’t going to do it any favors on steeper hills where you have less weight (and thus less traction) on the front tire.
Big battery, decent range
The 48V 15Ah battery (720Wh) is mounted in the downtube for better weight balance and is rated for over 38 miles of range on throttle, which is true if you’re going somewhat slower. If you’re blasting around at 20 mph all the time, you’re not going to get 38 miles of range. But even if you’re snagging the mid to high 20s of miles, that’s still plenty of range for a day of errands or a few days of casual riding without recharging. Few people are commuting long distances on e-trikes; they’re more common for leisurely riding, and 20 miles is a lot of leisurely riding.
And just remember, higher ranges are absolutely possible at slower speeds, and trikes love slower speeds anyway to remain stable in turns, which brings me to the next section.
Surprisingly comfortable ride
Stability and comfort are both important for trikes, and one of the big selling points of a trike is that it offers better stability at low speeds since you don’t need to balance or put your feet down. You do need to be careful turning at high speeds though, since sharp turns at high speed can make trikes tippier.
I tend to ride with my seat lower on a trike than on a bicycle since the lower center of gravity makes them less tippy, but obviously you don’t want to go too low or it will give you issues trying to pedal. If you’re not pedaling though, feel free to treat it like a low-rider and drop that seat way down.
Comfort is one of the biggest selling points of any electric trike, and this one really leans into that. The seat is wide and cushy, with a supportive backrest that makes longer rides feel relaxing instead of rigid. The front suspension fork isn’t the most advanced suspension I’ve seen, but it does help smooth out bumps when you’re cruising over uneven pavement or sidewalk transitions.
And the fat 20×3” tires do a lot of the heavy lifting when it comes to absorbing road chatter. I rode over grass, gravel, and cracked city streets, and the trike handled them all better than expected.
Built to haul
One of my favorite parts of riding the SC5 was using it like a mini cargo hauler. I loaded up the rear basket with groceries, bags of gear, and even a couple of super-heavy portable power station batteries, and I had no problems. The rated payload capacity is 395 pounds (rider plus cargo), and it felt stable even when I was near the limit. The rear basket’s weight limit is 110 pounds, which I absolutely exceeded, and it did just fine.
I also really like that the basket has those two wings that go out over the wheels and give you a sort of flat bed-style support for carrying larger objects. I’m not saying you should move a washing machine on the trike, but at least you have the option of doing it thanks to that cool flat bed setup of the basket.
Oh, and there’s even a tailgate to the basket too, which is just another cool feature to see included. That’s very rare on trikes, but it means you don’t have to lift as high to load something heavy back there.
Final thoughts
The Viribus SC5 isn’t trying to compete with high-end cargo trikes or performance e-bikes. It knows what it is: a solid, approachable, and surprisingly capable electric tricycle for everyday riders. I’d say it does that job quite well.
It has the power most people need, the range to make errands easy, and the cargo capacity to replace a lot of local car trips. Is it perfect? No. It’s a bit bulky to store, and like any trike, it takes a little finesse in tight turns. The mechanical disc brakes are more maintenance-prone than hydraulics, especially on a heavy trike that is going to stretch those cables over time. It also has a sub-ideal motor layout and lacks some of the more refined features on higher-dollar e-trikes. But for $1,299, it delivers a ton of value!
If you’ve been on the fence about trying an electric trike, the SC5 is a fantastic entry point. It’s stable, comfortable, practical, and fun to ride. And if your goal is to get out of the car and into something more eco-friendly (without giving up utility), this might be your fully-accessible ticket.
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With just a few days left until its official debut, Hyundai offered a sneak peek at its first compact IONIQ EV, the Concept THREE. The radical-looking new EV will launch as the Hyundai IONIQ 3.
Hyundai teases new EV concept with a radical design
Rumors of a new entry-level Hyundai have been spreading like wildfire over the past few months. After a few prototypes were spotted out in public testing, some claimed it was the IONIQ 2, while other outletrs said it was actually the IONIQ 2.
It’s official. Hyundai confirmed the new EV’s name for the first time on Tuesday, the Concept THREE. We’re also getting a better look at what to expect with another teaser image.
Although it’s just a sketch, you can see the new EV has an almost sports car-like design. The new style is based on Hyundai’s Art of Steel design language. According to Hyundai, its new look is “inspired by the way steel bends and flows.”
According to Hyundai, the Aero Hatch side profile is “a new a new typology that reimagines the compact EV silhouette.
The sketch comes after Hyundai released the first official images of the new EV concept just last week. Again, it’s just a teaser, but you can see a few new design elements. For one, the rear spoiler appears to be about the same shape and size as the updated IONIQ 6, which is likely to feature a full-length LED light bar.
Like its other IONIQ models and the Kia EV series, Hyundai’s new concept is likely to be based on its advanced E-GMP platform.
It’s expected to fill the gap between the Inster EV and Kona Electric in Hyundai’s electric car lineup. The company said the new Concept THREE EV reaffirms its commitment to the European market and its leadership in sustainable transportation.
The interior is expected to be a step up from Hyundai’s current vehicles with a new infotainment system. Powered by its advanced new Pleos OS, the system will feel more like a smartphone.
Hyundai has yet to announce prices, range, and other final specs. However, since the Kona Electric starts at £34,995 ($47,000) in the UK, it will likely be priced closer to £25,000 ($33,700), like the Kia EV2.
Similar to the Kia EV3, Hyundai’s new electric car will likely be offered with 58.3 kWh and 81.4 kWh battery packs. The former provides a WLTP range of 260 miles, while the latter is rated with a range of 365 miles on a single charge.
The new Hyundai EV will make its global debut at the Munich Motor Show in Germany, from September 9 through September 14.
Kia’s EV3 is already the most popular retail electric vehicle in the UK through the first half of 2025. Will Hyundai match it with the new model?
Hyundai will offer an in depth look at the Concept THREE during a press conference at the IAA Open Space, explaining how it will shake up the compact EV segment. Check back for all the details. We’ll keep you updated with the latest.
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