- The corporation is now exploring extending its pilot program to four nations.
- ExxonMobil and Crusoe Energy had signed a contract to utilize excess gas.
Energy Company ExxonMobil is apparently launching a test program in the United States to use the energy from surplus gas to power crypto mining equipment. In addition, it may be extending its operations to four other nations.
Bloomberg reported on Thursday that ExxonMobil and Crusoe Energy had signed a contract to utilize excess gas from North Dakota oil wells to power Bitcoin (BTC) miners. Projects like these are estimated to use about 0.4 percent (or 18 million cubic feet per month) or 158 million cubic feet per day of the oil giant’s stated activities in the state.
According to reports, the corporation is now exploring extending its pilot program to Nigeria, Argentina, Guyana, and Germany and establishing a similar operation in Alaska.
Burning May Have Severe Negative Impact
Pipes are required to transport natural gas, but the volume generated by these pipelines is often too much for them to handle properly. Burning off surplus gas or venting it into the atmosphere may have a negative impact on the environment and the profit margins of companies.
Yo @PeterSchiff remember when I told you that Exxon Mobil would mine bitcoin before 2030?!
— Pomp 🌪 (@APompliano) March 25, 2022
Update: ✅ pic.twitter.com/QqitrfOgYX
There are already 60 data centers for crypto mining in four states, fueled by “gas from the oil wells that would otherwise be flared on site,” according to an Argus Media article as of September 20, 2021. Cryptocurrency mining apparently cuts carbon dioxide equivalent emissions “by as much as 63%” compared to burning the gas.
There are numerous oil and gas corporations in Texas and crypto mining companies interested in the state’s energy production potential, even though North Dakota’s Bakken shale area is an essential supply of natural gas for the United States. On the other hand, New York legislators have advocated stopping fossil fuel-powered proof-of-work mining in response to environmental concerns.
