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Bitcoin: Why Is Shell Using Full Power?

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Bitcoin: Why Is Shell Using Full Power?

(CTN News) – While cryptocurrency prices are declining this year, the adoption of crypto assets, in particular Bitcoin, does not seem to be affected.

An oil and gas company, Shell, has signed a two-year agreement to sponsor the Conferences in 2023 and 2024.

Shell Group is investing heavily in Bitcoin

Shell plans to increase the energy efficiency of  mining by utilizing its lubricant and cooling solutions. In an interview on this development, Shell Lubricants’ immersion cooling lead, Darin Gonzalez, stated that Shell Lubricants wanted to offer customers alternatives to reducing their carbon footprint.

The addition of Shell to the mining sector could prove to be a positive development for Bitcoin. Added to the list of companies showing interest in and the entire cryptocurrency market, Shell has entered the cryptocurrency space. Shell, one of the conference’s sponsors, could be a major driving force in the adoption of Bitcoin.

Miami hosts the Conference, a cryptocurrency conference and music festival. This four-day event brings together experts from across the industry, investors, and enthusiasts to participate in open-forum discussions regarding bitcoin and the cryptocurrency market.

Bitcoin mining is being studied by oil and gas companies

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Bitcoin’s price is declining this year, but this does not seem to have a significant impact on the adoption of crypto assets. Oil and gas giant Shell  has signed a two-year sponsorship agreement to sponsor the  Conferences in 2023 and 2024.

Bitcoin is Shell’s biggest bet.

In addition, Gonzalez stated that Shell Immersion Cooling Fluid S5 X would be one of the solutions that will be implemented. This system is designed to reduce energy costs and emissions by combining high cooling efficiency, flow behavior, and excellent thermodynamic properties.

Using immersion cooling solutions to support its data centers is not the first time Shell has explored this possibility. According to a recent release by the oil and gas company, mining data centers consume 1% of the energy consumed globally. A third of this amount was attributed to cooling solutions.

The addition of Shell to the  mining sector could prove to be a positive development for. Adding to the list of companies showing interest in and the entire cryptocurrency market, Shell has entered the cryptocurrency space. Shell, one of the conference’s sponsors, could be a major driving force in the adoption of Bitcoin.

Bitcoin Conference is an annual cryptocurrency conference and music festival held in Miami. This four-day event brings together experts from the crypto industry, investors, and enthusiasts for open panel discussions.

Companies involved in the oil and gas industry are studying Bitcoin mining

The Shell oil company is not the only giant oil company that has expressed an interest in mining. Currently, Duke Energy Corporation, the second-largest U.S. energy company, is showing interest in mining.

According to Justin Orkney, chief analyst at Duke Energy, the company has launched a study investigating the demand for, and is seeking partnerships with miners who are part of the Duke DR program.

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