AUC approves cryptocurrency mines at oil and gas sites

Posted on October 26, 2023 by Vauxhall Advance

Vauxhall Advance

Alberta utility regulators gave the go-ahead to three new crypto-mines at oil and gas sites in seven days last month.

Cryptotherm Mining applied Sept. 20 to instal natural-gas fed generators at oilfield batteries in southern Alberta and was given approval Sept. 27.

The relatively small production at the sites in the MD of Taber and Vulcan County will be used on site to power data-processing units that handle cryptocurrency transactions.

Projects that are not connected to supply the Alberta grid, are less than 10 megawatts in capacity and are located at existing industrial sites can be approved in relatively short order by the Alberta Utilities Commission.

Specific to the proposals, CT Mining applied to install two 1.2-megawatt natural gas-fed units at a “stranded oil battery” near Enchant, and two others, totalling 4.4 megawatts, in the Travers Reservoir area.

The power plant must be completed by Oct. 31, according to the AUC approval, though the company states in applications it planned to have them in operation by Sept. 30.