Exxon Mobil drives Bitcoin to Mining Pilot with excess natural gas: report
Exxon Mobil drives Bitcoin to Mining Pilot with excess natural gas: report
- Exxon Mobil is reportedly made by using natural gas that is otherwise not issued to operate a Bitcoin mining operation
- The great oil producer plans to expand its pilot project to other countries, including Germany and Argentina
One of the world's largest oil producers reports reported to excess natural gas to drive Bitcoin mining operation in the USA.
Exxon Mobil Corp. according to a. A pilot program as part of an agreement with Crusoe Energy Systems by Report by Bloomberg in which people were cited on Thursday
Bitcoin mining that uses a proof-of work has long been available href = "https://www.theguardian.com/technology/2021/feb/27/bitmining-electricity-environmental-mpact"> criticized for its high energy costs, which are associated with the achievement of a consensus, and is considered particularly environmentally harmful.
The experiment of Exxon aims to achieve a profit in the crypto industry from otherwise not output gas.
The pilot project takes gas from an oil source in the Bakken formation in the Williston pool along the border between the USA and Canada to operate mobile generators that supply crypto mining servers on site.
Exxon, which his pilot project has been running since January 2021, consumes up to 18 million cubic feet per month instead of burning it due to a lack of pipelines.
"We continuously evaluate new technologies that aim to reduce the flar volume in our companies," said a spokesman in the report. Exxon tries to reduce the amount of waste through an activity known as "flaring" - the burning of natural gas in oil production.
The oil giant consider similar initiatives in Alaska, Nigeria, Argentina, Guyana and Germany.
supporters of using Bitcoin mining devices that are operated with energy that would otherwise be wasted, not only see long-term economic, but also ecological advantages of this approach. For example, Jean-Marie Mognetti, CEO of Coinhares, recently claimed that the "potential for miners to reduce the CO2 footprint of a flagated and ventilated natural gas ... is sufficient to fully compensate for all emissions or even have a positive net output" for mining industry.
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The article Exxon Mobil Powering Bitcoin Mining Pilot with excess natural gas: The report is not a financial advice.