• Fri. Jun 21st, 2024

Exxon Mobil Utilizing Natural Gas For Mining Cryptocurrency

Mar 31, 2022

The pilot project was set in motion by the gas and oil giant in Jan 2021 which is now as per reports considered to be expanded in Germany, Argentina, Guyana, and Nigeria.

According to the reports, Exxon Mobil which is an energy producer based in the United States has been executing a pilot project aiming to use the excess gas energy for powering the cryptocurrency mining rigs and it might expand its operations in four more countries.

Bloomberg stated in its report on Thursday that, Exxon Mobil and Crusoe Energy had signed an agreement for using excessive gas of North Dakota oil wells for running the Bitcoin miners. According to the reports 18 million cubic feet of natural gas will be used each month around 0.4% of 158 million cubic feet of natural gas production of the oil giant every day in the US.

The pilot project was set in motion by the organization in Jan 2021 and is now as per reports considered to be expanded in Germany, Argentina, Guyana, and Nigeria simultaneously same program also launching in Alaska. As per news media reports of February ConocoPhillips another gas and oil giant was operating a project selling its excessive gas for fueling to third-party Bitcoin miners.

Pipelines are required for the transportation of natural gas which could not every time securely cater the production amount, generally forcing the companies to burn off the excess gas or release it in the air which eventually harms the environment and the profit margins of the companies.

Citing to the energy being redirected to BTC miners, As You Sow environmental shareholder and advocacy group president Danielle Fugere stated that it is becoming in use now what on the other hand would be wasted.

As per the Argus Media reports, 60 data centers of Crusoe Energy were operating by using the gas from wells for cryptocurrency mining in four states of the United States since Sep 2021 that would be on the contrary wasted on the site. The gas was redirected for cryptocurrency mining rather than wasted in the atmosphere, which resulted in a 63% reduction of carbon dioxide equivalent gas emissions.

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