Exxon Mobil, the largest oil producer in the world, mines Bitcoin. According to a Bloomberg report, the company is conducting a pilot program to leverage BTC mining with excess natural gas from their oil wells and avoid a process known as flaring.
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Launched in North Dakota, this BTC mining program is partnering with Crusoe Energy System, a company seeking to “eliminate routine natural gas flaring and reduce the cost of cloud computing,” according to their website.
The partners are using the excess gas in the Bakken shale basin to run the Bitcoin mining equipment, Bloomberg quoted sources familiar with the matter as being familiar with. The program launched last year, in January 2021, and saw its first expansion in June.
About 18 million cubic feet of gas is used each month to power this BTC mining operation. This gas is used to secure the Bitcoin network, support the global payment system and produce more BTC, rather than being dumped into the environment.
Exxon Mobil’s program also showcases BTC’s ability to transition from environmentally unfriendly to sustainable. In the next expansion phase, the program could be launched in Nigeria, Argentina and Germany. Meltem Demirors, COO of CoinShares, said†
So Bitcoin can actually solve energy infrastructure challenges while reducing emissions? without a single taxpayer or government subsidy? imagine that! As a former energy person who worked at Exxon Mobil, this is inevitable and will only grow.
Chase Lochmiller, CEO and co-founder of Crusoe Energy said the following about BTC’s potential to provide alternatives to the energy industry and become cleaner:
It is exciting to see how the industry is rapidly moving towards environmentally oriented ways of thinking and working. Bitcoin mining has traditionally been confused with carbon emissions. We believe that mining can be used as a tool to reduce emissions and also accelerate the energy transition, by providing critical infrastructure for both the bitcoin network and the future of energy infrastructure.
How Bitcoin can contribute to a greener future
Data from Crusoe Energy estimates that the amount of natural gas wasted each year through flaring could be used to power the entire continent of Africa. This could help meet the energy demand of Europe and other regions.
Bitcoin and its Proof-of-Work consensus mechanism are essential to make this model sustainable and attractive to companies like Exxon Mobil. Additional data from CoinShares via Messari indicates 69 TW/hr of energy is wasted in the US alone.
This energy is lost through flaring, Crusoe Energy and BTC mining can potentially redirect and use this to secure the network. This prevents large amounts of gas from polluting the environment.
BTC opponents often talk about energy consumption, but emphasize its intrinsic value as a driver for energy sustainability models.
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At the time of writing, the price of BTC is trading at $43,800 with a gain of 3.7% in the last 24 hours.
BTC with bullish momentum on the daily chart. Source: BTCUSD Tradingview