Mining Bitcoin with Stranded and Flared Gas: Case Studies
Great American Mining (GAM): GAM, an early pioneer of off-grid mining, faced a steep learning curve. With their initial strategy of using top-tier mining equipment, the company suffered during the market downturn due to their high operation costs. The valuable lesson was that the latest equipment might not always be the best choice. Instead, lower-cost, older-generation mining machines could provide a buffer against market fluctuations. GAM's strategy of vertical integration allowed them to control operations remotely and meet safety requirements necessary for active Oil and Gas well pads.

Standard Bitcoin: Started by former GAM members, Standard Bitcoin took a different approach. With access to stable but small legacy gas wells, they opted for Hashhuts from Upstream Data. These units, combining a generator and mining machine in a single box, made it simple to get plugged in and start hashing onsite. This approach allowed them to operate without worrying about the usual volatility of flare gas operations, focusing on a more streamlined, efficient process.

Crusoe Energy: Crusoe Energy, a significant player in the space, showcases the ability to scale flared gas mining operations. They deploy modular data centers directly at oil well sites, converting flared gas into electricity onsite. They represent a model of what large-scale flare gas mining could look like, and their approach has managed to attract substantial investment.

Through these case studies, we can see that business models and strategies can vary significantly in the field. Whether it's a decision about which equipment to use, how to structure the business operation, or how to navigate the volatility of gas supplies and bitcoin prices, these companies have charted their courses in the dynamic landscape of flare gas bitcoin mining. Each has adopted different strategies to maximize their opportunities and manage risks, providing valuable lessons for future players in this space.

Off-grid miners also have an amazing community, and we have some incredible talented individuals and companies operating at the very nascent stages of what will be a massive industry in the years to come.
Here are some recommendations to follow who are doing great work in the sector:
Steve Barbour (Upstream Data) - The Henry Ford of Off-Grid Mining. Check out Steve's tour of one of Upstream Data's Hash Generator Off-Grid Bitcoin Mining Rig here.
Marshall Holbrook - The Godfather of Stranded Gas Mining in the Hills and Holars of Kentucky
Matt Lohstroh and Brent Whitehead (Giga Energy) - Matt and Brent are young, but they have more experience than most in this space.
Isaac Fithian and Rete Browning - CFOMO and CTO of Cathedra Bitcoin and former Great American Mining early team members.
Kyle Textor - A midstream O&G savant who rolled up his sleeves and became a very capable operator of off-grid mines.
Steve Vannatta - Canadian OG who's been doing HUGE stranded gas mining operations in Canada before it was cool. Editor's note: following this article we learned of the sad news of Steve's passing. We send our condolences to his family.