ExxonMobil Will Use Excess Natural Gas for Bitcoin Mining

Starting in North Dakota, ExxonMobil plans to extend the practice of using excess natural gas for bitcoin mining elsewhere.

ExxonMobil is Implementing a Pilot Program to Exploit Bitcoin Using Excess Natural Gas

Starting in North Dakota, ExxonMobil plans to use excess natural gas for bitcoin mining and expand elsewhere. Other locations considered by the oil and gas company include Nigeria, Germany, Argentina and Guyana.

According to the report, ExxonMobil and Crusoe energy reached an agreement on the use of excess natural gas. The pilot program requires 18 million cubic feet of natural gas per month. This is equivalent to about 0.4% of Exxon’s business in North Dakota. According to the report, the oil giant produces about 158 million cubic feet of natural gas a day.

ExxonMobil launched a pilot program last January and now plans to launch a similar program in Alaska. Daniel Fugere, chairman of as you sow, an environmental shareholder advocacy organization, commented on this development. She said the process was finding use for “what would have been wasted”.

Oil and gas manufacturers have received continued pressure from regulators on their carbon footprint. Regulators and investors also require producers to reduce their carbon footprint to help combat climate change. Because of these concerns, the International Energy Agency (IEA) has published a guide aimed at achieving net zero emissions in the world by 2050. Meanwhile, ExxonMobil spokesman Sarah notting declined to comment on “rumors and speculation about the pilot project”. She added that the leading oil company has been studying “emerging technologies” suitable for reducing combustion in our business.

After ExxonMobil delivered the excess gas to bitcoin miners, another oil giant ConocoPhillips (NYSE: COP) also announced a similar project. ConocoPhillips revealed that its project is to sell excess natural gas from a North Dakota project in the Bakken region to bitcoin miners.