Bloomberg anonymous source: Oil giant "ExxonMobil" to mine Bitcoin using surplus natural gas, plans to expand to multiple countries

According to Bloomberg, oil industry giant ExxonMobil is reportedly exploring the use of wasted resources to shift towards Bitcoin mining. This initiative will extend to countries and regions such as Alaska, Nigeria, Argentina, Germany, and Guyana.

According to a report by Bloomberg, the oil industry giant ExxonMobil is exploring a project to divert wasted resources into Bitcoin mining, which will expand to countries and regions such as Alaska, Nigeria, Argentina, Germany, and Guyana.

ExxonMobil has signed an agreement with Crusoe Energy Systems Inc. to power the mobile generators for Bitcoin mining servers using excess natural gas from oil wells in North Dakota.

The report notes that this project utilizes natural gas that would otherwise be wasted, with a monthly reuse amount of 18 million cubic feet, accounting for approximately 0.4% of the company's operations reported in the state.

An ExxonMobil spokesperson stated that the company is continuously developing various technologies to reduce carbon emissions in its operations, and "ExxonMobil expects to meet the World Bank's call to end routine flaring by 2030." However, there was no response regarding the Bitcoin mining pilot.

The oil and gas production industry is facing carbon emission challenges due to climate change concerns, with many companies opting to collaborate with crypto miners to utilize these potentially wasted energy sources instead of simply discarding them.

Last month, ConocoPhillips announced that the company supplied natural gas to a Bitcoin mining company for the first time from the Bakken shale in North Dakota.

Shale oil generates excess gas, which is ultimately either emitted into the air or burned off. Natural gas is primarily composed of methane, a potent greenhouse gas that is more than 80 times as powerful as carbon dioxide in the atmosphere over a 20-year period. North Dakota, Colorado, and Wyoming were among the first to use crypto mining to reduce methane emissions.

The company launched the pilot project in January 2021, and it is reported that in addition to launching a similar project in Alaska, the company is currently considering expanding operations to Nigeria, Argentina, Guyana, and Germany. In a report in February, Cointelegraph stated that the oil and gas giant ConocoPhillips is running a program to sell excess natural gas to third-party BTC miners as fuel.

According to a report by Argus Media, as of September 2021, Crusoe Energy Systems operates 60 data centers for cryptocurrency mining in four states in the U.S., all powered by "gas from wells," which would otherwise be flared on-site. Instead of flaring the natural gas, it is being redirected to crypto mining, resulting in reducing "up to 63%" of carbon dioxide emissions.

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