How two Texas A&M buddies built Giga Energy Solutions to mine bitcoin from flared natural gas in East Texas.
Matt Lohstroh and Brent Whitehead have become the talk of the industry this week after CNBC featured the 23-year-old Texas A&M alums and their burgeoning bitcoin empire. The empire, Giga Energy Solutions, by the way is powered by none other than flared natural gas.
And, it all got started with a tweet from a Canadian firm that they happened to see. It wasn’t long before Lohstroh and Whitehead, whose grandfather is a wildcatter and father works for an E&P, were on a plane to Canada to buy a unit that connects to a gas well in East Texas and houses bitcoin miners. That was 2019. In 2021, they made $4 million.
Lohstroh, chatted with Emily Easley, CEO of NOVUS Energy Advisors, about their journey for HartEnergy.com
- Getting started (0:38)
- From landscaping to bitcoin mining (1:30)
- The basics of bitcoin mining (2:35)
- Bitcoin obsession (4:27)
- Contributing to carbon management (5:25)
- Their business model (6:34)
- Vision for the future of the company (7:48)
- Team of ‘six-figure blue collar workers’ (9:07)
- Customers and contracts (10:21)
- Funding (11:36)
See original interview published on Hart Energy here.