Dennis Porter, of Satoshi Action Fund. Photo illustration: Sarah Grillo/Axios. Photo: Mark Felix/Bloomberg via Getty Images
A new advocate for bitcoin miners, Satoshi Action Fund, believes that securing the oldest cryptocurrency could be an effective way to finance a longstanding environmental problem in the United States: orphaned gas wells.
Why it matters: The Environmental Defense Fund released a map in 2021 of 81,000 wells with no owner of record. While there are federal funds available to aid in sealing these wells, it's still a daunting task.
Driving the news: On Wednesday, the organization made its first presentation in the halls of the U.S. Congress, in a Senate briefing room, to 30 to 40 people from around 10 congressional offices.
What they're saying: Porter's message to legislators was: "Bitcoin mining is a business that doubles as a piece of grid infrastructure," he said in an interview. "It is particularly good at reducing methane emissions and enhancing green energy projects."
In the weeds: The EPA has researched the impact of abandoned oil and gas wells in the U.S. extensively, and its estimates indicate they account for about 8.7% of the methane released here.
Of note: The mining operations really would come to the wellhead.
What's next: Satoshi Action Fund has been presenting model legislation around the country to advance the idea of recruiting bitcoin miners to cap wells.
What we're watching: The group is working across the country, but it has seen the most traction in Missouri and Mississippi.
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