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Riot Platforms Invests in Reformed Energy: Turning Waste into Bitcoin
In the competitive realm of bitcoin mining, operators are constantly seeking cost-effective energy sources. Riot Platforms recently announced an investment in Reformed Energy, a company utilizing plasma gasification technology to convert solid waste into synthetic gas. This gas serves as a low-cost power source for data centers and a potential feedstock for sustainable aviation fuel.
Gregory Les, Riot’s Vice President of Corporate Development, highlighted that the technology itself is not new. The innovation lies in finding a practical outlet for the energy, which is where Riot’s bitcoin mining operations come into play.
Reformed Energy, founded by Daniel Frumkin and Edward Evenson, experts in the bitcoin mining space, is pioneering the conversion of solid waste into power. Through intense heat in a vacuum, solid waste is transformed into synthesis gas, reducing waste volume by 90% and producing inert ash as a byproduct. This process not only lessens strain on landfills but also prevents methane production from waste decomposition.
The partnership between Riot Platforms and Reformed Energy aims to scale up operations, starting with a 50-ton solid waste input per day. Recycled heat from the gasification process further enhances energy efficiency, with plans for a 14-megawatt site consuming 150-200 tons of waste daily.
This collaboration enables Riot Platforms to secure low fixed power costs and achieve environmental benefits through waste reduction and emissions mitigation, creating a win-win situation for the company and society.
Verde Mining, led by CEO Paul Cockerham, is also addressing energy challenges faced by small gas producers in rural Texas. By converting gas to bitcoin on-site, operators can cut costs and reduce emissions, with the potential to earn revenue from carbon credits through emissions reductions. This innovative approach not only benefits operators economically but also contributes to environmental sustainability.
In the dynamic landscape of bitcoin mining and energy innovation, companies like Riot Platforms, Reformed Energy, and Verde Mining are reshaping norms and unlocking the potential of waste and stranded gas resources. By thinking outside the box, these forward-thinking companies are paving the way for a cleaner and more sustainable future.
