US Multinational Oil and Gas Giant ExxonMobil Has Yet to Officially Confirm Its Gas-to-Bitcoin Pilot
According to a Bloomberg report published earlier this Thursday, US multinational oil and gas company ExxonMobil is considering using excess natural gas to mine Bitcoin in Argentina, Guyana, Germany and Nigeria.
The report, citing well-known sources, says oil giant is already conducting a gas-to-Bitcoin pilot in North Dakota, US. The existence of such a project has yet to be confirmed by the company itself.
ExxonMobil has signed a deal with Denver, Colorado-based Crusoe Energy Systems, which converts excess natural gas into electricity and makes it possible to earn Bitcoin.
Major oil companies like Exxon and BP typically get rid of unwanted gas by flaring it. The practice is considered harmful to the environment as it contributes to global warming.
The pilot will use 18 million cubic feet of gas, which would otherwise have been dumped into the atmosphere, to power Bitcoin mining.