Topic: Shell, enters Bitcoin mining and sponsors Bitcoin conferences (Read 348 times)

If it is shell alone which made a huge decision, then that would be hardly felt.But considering tendencies, if more companies such as with Shell, will do the same thing even not today, it will be causing long term development for this industry. Trust is the only thing this industry is asking for sure. If it will be trusted by many countries as a valid currency to be used anytime you would want to, then same thing could also happen with non-crypto users, then progressive development will more likely be ended early, in comparison with. We've seen such ocurrances before and the effect is still present at this moment.

As for this news, I also thought that Shell is directly going to get into bitcoin and mine it but they're not. Or should we say that they're not yet and soon, they'll give some announcement to make and they're going to have their own mining facilities because that's really possible. We don't know if there's a connection from this company and any government that plans to have their big share in mining bitcoin. It's going to require them if not millions to hundreds of millions for that plan to have it played like to be an oligarch in the market.

Once all of these noises that we're hearing from FTX and other exchanges going bankrupt. We're going to see the attention going with those good news that haven't been noticed during these times. But for us, we know how good to see such news and gives us the happiness that a company like this is starting to give their share.

It is a joy for all Bitcoin lovers to see the oil giant Shell enter the field of mining even if indirectly, of course Shell is one of the world's oldest companies in the field of oil and has a long experience in the energy field, so they surely have a lot of solutions to help both in cooling Or finding alternative solutions for the energy consumed in mining, this news will have a significant positive impact on mining in the long run, and thus on Bitcoin prices.
However, given the recent unfortunate incidents and the very bad situation that the crypto market is going through, it is unlikely that we will see a noticeable impact at the present time, but there will certainly be a good effect in the long run.

What worries me the most is the fact what there seems to be some kind of underground "work" going on to secure the centralized power of the most important cryptocurrencies of the market.
It may sound like a conspiracy-theory and maybe it is, but when I read Shell is planing to get into Bitcoin, the first thing that came to my mind was the apparent flaws of the new POS scheme of the Ethereum network. There are people which points out Ethereum now is a quite centralized network because of the concentration of validation power and staking.

Governments and companies could be planning to do the same to Bitcoin with the help of oil transnationals?

They're like going for distribution but not for actual mining. It's certainly a huge advantage to bitcoin because of how big Shell is, there goes the exposure and stuff that we always want to see when it's coming from huge and known companies like them. We may also see that it's going to help about the unending consumption of electricity issue about bitcoin mining and hopefully, it's going to clear its way out there since it's not just really mining that's on it but also the manufacturing sectors and industries.

This is a great news about bitcoin but unfortunately it is coming when there is too much bad news in the industry already, that is why the good news is finding it difficult to make wave.
A company that produces energy to come into Bitcoin mining is a very large advantage to Bitcoin. This can make the debate of green energy and bitcoin energy consumption to come to an end.
The producers of energy will now be directly involved in the energy expenditure

That's what I'm hoping for, the big companies will start to get interested with bitcoin and mining and other stuff related to cryptocurrencies. Because with their resources, they can contribute a lot and also give opportunities to many enthusiasts out there if they're needing a helping hand just to step and get started on it.

Typically, big companies like Shell are diversified and they understand that the only thing that's constant is change. And that's why they're very flexible and adaptable to the changes that's happening not just on their industry but also in the others that we may see them interested too. They can really help the miners on this case especially when a lot of critics keeps on talking about renewable energy and bitcoin mining is one of the culprits of cutting of energy and it consumes a lot of it. As you've mentioned wind turbines, in what country is that?

Those that don't see this as a good news and not smart, I think that they're missing the whole thing. There is the essence for being the first in everything. And as an oil and energy company, Shell is the first one to show this type of interest that's actually taking place and doing the thing, not just all about plans.

Hope so, I guess that they would be generous to share those to the miners.

Bingo! You nailed it about the publicity that bitcoin is getting with this step made and done by Shell. Although there's the fact that they're one of the biggest emissions for greenhouse gasses. At what rank they're right now? I just wish that they're able to take the call for lesser emission through solutions that they've discovered and made and which is going to be offered to the miners.

Every year and cycle that passes by, there's always the new trend and adoption that's happening for bitcoin and we all are liking it. And with this through Shell, this is just one of it and I'm sure that there's more to come for the next years.

As of now, they're not yet there but it's very likely that they'll also join the miners and have their own bitcoin mining facilities built. They're already at their advantage for having it built because they'll have no issues with power and it's possible to happen because they have no problem with funding and investments and of course, the power.

This news has brought some kind of relief to my nerves because Shell is a major player in the oil and gas sector. The news indicates that this oil giant is not mining but offering certain mining services like cooling, which has proved that Bitcoin is here to stay. This news would indeed boast the popularity of Bitcoin and it also indicates that Shell might consider using Bitcoin as a currency that can be used to pay for their goods and services in the nearest future. Shell has been one of the highest spenders (in research and development) as regards diversification from the unfriendly energy source to green energy. This means that the firm might be able to assist miners' transition to greener energy.

I wonder whether this will be the future of Bitcoin mining, hash power in the hand of a handful companies that have access to tonnes and tonnes of money and energetic resources.
Sure, we all still can solo mining or join to a pool, the pools themselves are an evolution within the mining ecosystem, I just wonder if companies like Shell will fairly compete against pools for the blocks or they will use their money to lobby against the pools and the right of the people to decide whether or not to participate in a pool.

It would be bad if in the future the hash power is mostly controlled by a few oil companies, which would respond to the orders of the usual politicians.

this is truly excellent news! 5 years ago this would be unthinkable. It is only proof that Bitcoin is gaining streght and new solutions for mining will start appearing fom the companies that we would never be waiting for.

I hope that after shell other energy companies will follow.

The FTX and Binance issue is still fresh so expect that many people are still going to talk about them but you don't need to join them if you are tired of the repetitive discussion. Meanwhile it's also fresh in our eyes to see a good news like the Op has shared because we noticed that 2022 is mainly full of negative news and that have greatly fuelled the bear market making the price more dumped as usual.

It's true that btc mining is the reason on why some countries ban btc and it affects the adoption rate but I think some only uses it as an excuse to ban btc but there might be other reasons behind the ban but let see if there will be a change later on, after this positive news.

All the rhetoric of reducing emissions and making mining more sustainable is lovely. Moreover, Shell is a huge company, so it's a big deal for Bitcoin publicity and increasing popularity (if only it weren't overshadowed by FTX, of course). That being said, I think what we're seeing here is greenwashing. Shell is a gas and oil company, a company doing business precisely in the things we should be abandoning. Moreover, in a study of greenhouse gas emissions between 1998 and 2015, Shell was #9 on the list of companies with highest impact, accounting for 1.67% of global industrial emissions.

Lets hope they use the gas that is flared at source to generate electricity, and use that to mine Bitcoin. That seems better than just wasting the energy by warming the atmosphere.

They are the first to do this and hope that it will be a good result once they implement their plans. Looks like the problem of power consumption for BTC mining is going to be solved in the next years because after Shell will show positive results about this, I'm sure the others will follow it as well just like how the payment apps nowadays become crypto wallets as well. Maybe for others, this is not a smart move by Shell but to be the first to help the miners means getting more clients first and also being the first one to acquire huge profits from them.

People still assume that Shell is purely an oil company, but the reality is that all these oil companies have a million other investments and renewable energy is one of them. You think they would only invest into oil and hope that oil will make them profit forever? They are obviously aware that they need to go towards renewable energy because the whole world is going there, which means they could also help bitcoin mining world by making it self sufficient as well.

It's one of the steps they are taking, in my nation there is a huge investment to wind turbines, there is like 750 of them owned by shell and that's A LOT OF wind turbines, 750 is not a small amount, that could power an entire city of 1 million people if I am not wrong, could be even more, it's really huge investment.

I'm tired of listening to FTX and Binance drama these days and finally here's some good news.

The ecological imbalance threats of Bitcoin mining were the reason Bitcoin adoption becomes slow and it comes to mining and good thing it becomes green Bitcoin mining now and this big company firms find a solution to this which is totally good news. 

Let's hope other big companies will find another green solution of mining Bitcoin, this is a good step in Bitcoin adoption which start with a green process.

But assuming that happens and energy companies build like sort of a cartel and centralize mining significantly, would there be any reasonable solution to counter that and update the protocol to prevent dangerous degrees of centralization from happening (especially when it were to happen out of a sudden and energy companies fire up their rigs in concert)?

Though I would still wonder what the overall availability of mining equipment is? Chips are rare these days anyway and producing an amount of hash power like out of nowhere even with old equipment could perhaps be less of a threat than one would think.

Regardless of the outcome, I would still say that it is also kind of a legitimization that can have a positive influence and be protective in favor of Bitcoin when it comes to regulation or even soft ban considerations by the respective governments.

It is true, but we will see how this will change crypto market if a giant firm will enter. They will definitely not mine bitcoin to keep them, they need them for gains in usd so there is a pretty good chance that they will instantly dump the coins. One thing that would be good Butt is unfortunately not legal would be to pay out bitcoins as dividends, so all shareholders will have to download wallets etc.

Shell is not a private company but a public limited company. The news didn't say shell are planning to start mining BTC, but they are providing support to miners through its lubricants and cooling solutions, there is also nothing wrong with a company trying to make profit or gains, even BTC miners are in the business to make profits, that is why they are rewarded through block rewards and transaction fees.
Shell do not legalize BTC mining, that is not what they do, they are only recently trying to support BTC miners. And there are no miners in Nigeria, mining is not yet a thing in Africa, i feel mainly because of elctricity issues and the cost to run a BTC mining farm there.
The advantage we should be concerned about is that of the miners, and since BTC mining requires a lot of electricity, cheap and constant one; all of that is an advantage to BTC miners, as generators should only be a backup in the event of a power outage.

Yes we all know that shell is a giant firm in the world but one thing that must come to your mind in a case like this, shell is not a public firm but a private company so if shell is planning to join Bitcoin mining, it is good, that means Bitcoin is a very nice currency and shell which I know very well can involve itself in any company without gain... Once shell join Bitcoin mining platform things will change. Shell is a company that believe divide and rule policy in any third world countries they operate. Shell never offer free service I know in my locality. They should come and legalized or support the Miners Nigeria. In any place shell operates, there is 24/7 hours light so the Miners involved will enjoy their mining. And this will become a disadvantage to those providing a personal generators to power their machine.