Gas Giant ExxonMobil Will Soon Mine Bitcoin With Natural Gas

Overview of the Pilot Project

The pilot project's objective is to utilize 'wasted gas' from its North Dakota oil wells to power Bitcoin mining operations. ExxonMobil, the largest oil producer in the United States, intends to expand the project into other nations as well. 

These include Nigeria's Qua Iboe Terminal, Argentina's Vaca Muerta Shale formation, as well as Alaska, Guyana, and Germany. Reportedly, each month the project consumes 18 million cubic feet of natural gas. Due to a shortage of pipelines, the extra natural gas would normally be burned or flared.

New Partnership for ExxonMobil

ExxonMobil also unveiled an arrangement with Crusoe Energy Systems that allows the latter to power mobile generators. These are utilized for the Bitcoin mining servers on-site with the gas derived from Bakken Shale Oil Wells. 

A representative of ExxonMobil disclosed in a statement that the multination conglomerate had been continually looking for ways to reduce its gas flaring volumes. However, ExxonMobil’s spokesperson denied clarifications on the company’s need to utilize natural gas for Bitcoin mining. 

In conclusion, there have been multiple research papers emphasizing the role of Bitcoin mining in promoting renewable energy sources. Thereby, using natural gases that could be flared can assist in lessening the impact of the process on the environment, leading to a win-win scenario.