Exxon Is Mining Bitcoin With Excess Gas: Report

Exxon Is Mining Bitcoin With Excess Gas: Report
фото показано с : bitcoinmagazine.com

2022-3-26 21:41

The fourth-largest oil company in the world is now considering taking its gas-to-bitcoin pilot to four countries.

The largest U.S. oil producer Exxon Mobil is considering expanding its North Dakota bitcoin mining pilot program to further reduce the volume of natural gas it routinely burns off or flares into the atmosphere, Bloomberg reported Thursday.

People familiar with the matter told the news outlet that the oil giant has an agreement with Crusoe Energy Systems to redirect gas that would otherwise be wasted from an oil well pad to mobile bitcoin mines. The report said the pilot project launched in January 2021 in North Dakota’s Bakken and expanded in July; now, it consumes up to 18 million cubic feet of gas per month that Exxon couldn’t otherwise monetize.

Exxon is now considering similar pilot projects in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany, one of the people told Bloomberg.

“We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations,” spokeswoman Sarah Nordin told Bloomberg. She declined to comment on “rumors and speculations regarding the pilot project.”

Bitcoin mining enables oil producers to sell gas they accidentally find while drilling for oil, not only bringing more profits to those companies but also contributing to the environment as such energy source is commonly wasted due to a lack of nearby pipelines.

Denver-based Crusoe helps those companies capture otherwise wasted surplus gas from their energy production, convert it into electricity, and use it to power data centers and bitcoin mining operations. The firm estimates that bitcoin mining allows carbon dioxide-equivalent emissions to be reduced by over 60% compared to routine flaring.

President of environmental shareholder-activist group As You Sow, Danielle Fugere, told Bloomberg that these pilots are a positive step for Exxon to find a use for its excess gas. “It is creating use of what would be otherwise wasted,” she said.

Oil and gas giant ConocoPhillips last month spun up similar operations also in Bakken, North Dakota, to sell excess natural gas to a bitcoin mining farm operated by a third party.

Bakken houses one of the largest deposits of oil and natural gas in the U.S., a phenomenon that led to the “Bakken oil boom” that made the state of North Dakota the second leading oil-producing state in the country, behind only Texas, according to the Earth Resources Observation and Science (EROS) Center.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

LALA World (LALA) на Currencies.ru

$ 0 (+0.76%)
Объем 24H $0
Изменеия 24h: 5.17 %, 7d: 9.44 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0004568 (-100%)

taking considering pilot countries four world gas-to-bitcoin

taking considering → Результатов: 41


Need a Bitcoin Booster? As Andrew Yang’s Presidency Picks Up, Could He Be the Bear Market Breaker?

Andrew Yang is well-liked by the crypto community, considering his pro-Bitcoin stance that he is taking to his candidacy for the presidential election in the 2020 election year. Planning to run as a Democratic candidate, Yang has described himself as a “serial entrepreneur,” positioning himself as the “opposite” of current US President Donald Trump. Yang […]

2019-3-23 04:48


Encrybit ICO

- ENCRYBIT THE RESEARCH BASED CRYPTOCURRENCY EXCHANGE Encrybit made history moments creating massive surveys in cryptocurrency market with 12k+ responses from traders among 167 countries. Encrybit exchange is thought of traders where we are merging their demands in reality developing the secured and featured enriched trading platform that does not want to compromise the emotions of traders.

2018-11-14 19:41


[Newsflash] Goldman Sachs Crypto Custody Offering Will Utilize Bakkt Trading Platform

Plenty of rumors have been circulating about the initiatives that Goldman Sachs has been taking to establish a cryptocurrency product, considering their “hot and cold” attitude. The first alleged progress had to do with the potential to establish a trading desk that connects the Goldman Sachs clients and cryptocurrency. However, the trading desk became a […]

2018-10-17 06:21


Фото:

Bitcoin Price Analysis: New Low on Low Volume Breeds Potential Bullish Set-up

Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate: Figure 1: BTC-USD, Daily Candles, New Market LowOn Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $6,000s.

2018-7-1 19:35