Key Takeaways:
- Exxon Mobil is looking to expand the gas-to-bitcoin program to four countries.
- Gas mining project a positive step for Exxon to find a use for its excess gas —Expert.
LAGOS (CoinChapter.com) — Exxon Mobil, one of the world’s largest oil conglomerates has reportedly been running a gas-to-bitcoin program.
In detail, Exxon Mobil has been utilizing excess natural gas to power Bitcoin mining machines. According to reports, Exxon Mobil launched the gas-to-bitcoin program in January 2021 and is currently considering expanding to other countries.
Exxon Mobil reportedly tapped Crusoe Energy Systems to roll out the pilot program. The oil company according to reports, currently runs the program in North Dakota at the Bakken shale basin.
Furthermore, the pilot program uses 18 million cubic feet of gas per month which would have been wasted to mine for Bitcoin. Additionally, the gas-to-bitcoin project is also helping protect the environment by reducing dependence on electricity mining consumption.
It is worth knowing that the gas-to-bitcoin program reduces carbon dioxide-equivalent emissions by over 60 percent compared to routine flaring. Moreover, Crusoe also facilitates the process of converting surplus gas into electricity and using it to power data centers and bitcoin mining operations.
Exxon Mobil To Expand Pilot Program To More Countries
Exxon Mobil is also considering expanding the gas-to-bitcoin pilot projects to several other countries. This includes Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany.
“We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations,” Exxon spokeswoman Sarah Nordin said.
President of environmental shareholder-activist group As You Sow, Danielle Fugere, also said these gas-to-bitcoin pilots are a positive step for Exxon to find a use for its excess gas.
Meanwhile, oil and gas giant ConocoPhillips is reportedly also running a program selling excess gas to third-party BTC miners for fuel.
Also, at the time of publication Nordin declined to comment on “rumors and speculations” about ExxonMobil’s pilot project.
