Exxon Mobil is using excess natural gas to power crypto mining: Report

Exxon Mobil, an energy producer based in the United States, has been running a pilot program to use excess gas to power crypto mining machines. It may also be expanding to four countries.

Bloomberg reported on Thursday that Exxon Mobil and Crusoe Energy had signed a deal to use North Dakota’s oil wells to power Bitcoin (BTC). According to reports, the project uses approximately 0.4% of Exxon Mobil’s state operations and produces 158 million cubic yards of natural gas every day.

The pilot program was launched by the company in January 2021. It is now being rumored that they are considering expanding to Nigeria and Argentina, Guyana and Germany, as well as a similar project in Alaska. Cointelegraph reported February that ConocoPhillips, an oil and gas giant, was selling excess gas to third party BTC miners as fuel.

Natural gas transport requires pipelines that can safely carry the required amount of natural gas. Excess gas is often emitted into the atmosphere or burned by companies, which can lead to environmental and financial harm.

Danielle Fugere (president of As You Sow), an environmental shareholder advocacy group, said that “it is making use of what would otherwise be wasted.” She was referring to the energy diverted to Bitcoin miners.

According to Argus Media, Crusoe Energy had 60 data centers that were used for crypto mining in four U.S. States as of September 2021. These centers were powered by “gas from oil wells that would otherwise have been flared on site.” This reportedly reduces carbon dioxide equivalent emissions by as much as 63%.

3/ @CoinSharesCo estimates 69 TWh annually in U.S. power is lost to flaring. Through #Bitcoin Mining data centers like those provided @CrusoeEnergy and @upstreamdatainc can wasted flared energy be repurposed, but it can also lower CO2 emissions. pic.twitter.com/2XjeFynrI7
— Messari (@MessariCrypto), March 6, 2022

Similar: Are you stranded? Big Oil could use Bitcoin miners to solve its gas problem

Although the Bakken Shale Basin in North Dakota is a major source for natural gas, Texas is home to many oil companies and crypto mining firms. New York legislators have suggested suspending proof of work mining using fossil fuels to address environmental concerns.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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