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Crusoe Energy Systems (Crusoe) has received its first published patent application relating to a natural gas processing system adapted to mine cryptocurrency.
Crusoe's application provides a means of processing natural gas into a fuel gas stream that is then converted into an electrical output. This electrical output is used by mobile data centers to mine cryptocurrency. As cryptocurrency mining consumes more power annually than 159 countries individually, including Hungary, Ireland, Nigeria, or Slovakia, electricity is the single largest lifetime cost to a cryptocurrency mining operation.
Using generated electricity from natural gas produced from oil wells, Crusoe is looking to use this electricity on-site for power-intensive operations.
Crusoe, founded in 2018, is primarily focused on helping the oil industry eliminate routine flaring of natural gas and reduce the costs associated with cloud computing. This is Crusoe's first published patent application in the Cryptocurrency sector.
Since the 2009 Bitcoin whitepaper, crypto currencies have risen in value, enabled decentralized global trade, but also endured market value fluctuation, theft, and use as tender for illegal transactions. Blockchain-based technology grows in interest to large and small corporations and investors, many of which are staking their claims within this emerging intellectual property sector by filing patent applications with the USPTO. The Cryptocurrency 2018 Report includes expert analyst opinion and insights, the full underlying dataset or all granted and published patents, plus access to the patent radar visualization.