Become a millionaire by mining Bitcoin by the oil field

 When he brought up the idea of ​​mining Bitcoin from excess gas, the student Whitehead was told by the oilfield owners "that was the dumbest thing" he had ever heard.

The story begins in 2019, when the two are students at the University of Texas. Lohstroh is described as a "Bitcoin-obsessed" finance student, while Whitehead comes from a family in the oil and gas industry.

"Being in this industry, growing up, I've been surrounded by gas towers. I understand how wasteful they are," Whitehead said.

Their intention is to convert gas - which oil fields have to burn to avoid processing - into electricity. The electricity will be used to power the mining machines. They decided to put all the money from their high school part-time jobs to found the company Giga Energy Solutions, with the goal of mining Bitcoin from natural gas. At that time, the cooperation between an oil and gas company and a cryptocurrency mining company was unprecedented and even considered taboo.

One summer day in his senior year of college, Whitehead was helping his parents drive a lawn mower at home in the small town of Buna, in southeastern Texas, when he received a text from his friend. Lohstroh suggested buying a container of mobile Bitcoin miners from Canada-based company Upstream Data and shipping it to a local gas well.

"I went straight to my dad and said, 'You have to find a burning tower right now,'" Whitehead said. A week later, the two flew to Canada, struggling with dozens of jobs to transport Bitcoin miners back home.

Steve Barbour, the founder of Upstream, at the time warned Lohstroh not to rush to buy these devices because they were still in beta. However, the warning has no effect. "They are true Bitcoiners. Two positive and entrepreneurial guys," Barbour commented on the young partner.

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