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Exxon tests BTC mining with excess gas, says Bloomberg

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Exxon Mobil Corporation, an oil and gas multinational from the United States, is testing BTC mining with excess natural gas.

According to a report on Bloomberg published on Thursday (24), the company is already running a pilot program in North Dakota, in the US, to take advantage of the gas that would otherwise be flared.

In other words, it would not generate any kind of income and would still emit pollutants into the atmosphere, contributing to global warming.

Exxon mining BTC

According to sources familiar with the matter, the idea is to take the initiative to other locations around the world.

This includes Alaska, the Qua Iboe Terminal in Nigeria, the Vaca Muerta shale field in Argentina, Guyana and Germany. So far, the company has not officially confirmed the existence of the project.

Also according to the report, ExxonMobil has entered into an agreement with Denver, Colorado-based company Crusoe Energy Systems to convert excess natural gas into electricity and then use it to mine the cryptocurrency.

The pilot project would have been launched in January 2021 and expanded in July. In all, the initiative uses 18 million cubic feet of gas per month.

Searched for by the report, ap.Exxon spokesperson Sarah Nordin simply said:

“We are continually evaluating emerging technologies aimed at reducing flaring volumes in our operations.”

However, she declined to comment on “rumors and speculation about the pilot project”.

For Danielle Fugere, chairman of shareholder group and environmental activist As You Sow, projects like this are a positive step for Exxon to find a use for its excess gas.

“It’s making use of what would otherwise be wasted,” she told Bloomberg.

Crusoe’s role in the business is to help capture surplus gas during production. Then the company converts the gas into electricity. Finally, the energy is used to power the equipment that mines BTC.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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