Exxon Mobil to Expand Gas-to-Bitcoin Pilot to More Countries

Alex Dovbnya

American multinational oil and gas giant ExxonMobil is yet to officially confirm its gas-to-Bitcoin pilot

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Thu, 24/03/2022 - 19:24

Exxon Mobil to Expand Gas-to-Bitcoin Pilot to More Countries

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American multinational oil and gas corporation ExxonMobil is considering using excess natural gas in order to mine Bitcoin in Argentina, Guyana, Germany, and Nigeria, according to a Bloomberg report published earlier this Thursday.

The report, which cites sources in the know, says that oil behemoth is already running a gas-to-Bitcoin pilot in North Dakota, the U.S. The existence of such a project is yet to be confirmed by the company itself.

ExxonMobil has secured a deal with Denver, Colorado-based Crusoe Energy Systems, which converts excess natural gas into electricity and allows earning Bitcoin.

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Major oil companies such as Exxon and BP typically get rid of unwanted gas by flaring it. The practice is considered to be damaging to the environment since it contributes to global warming.

The pilot uses 18 million cubic feet of gas, which otherwise would have been dumped into the atmosphere, for powering Bitcoin mining.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.