Exxon’s Gas-To-Bitcoin Initiative is set to go Global

Exxon's Gas-To-Bitcoin Initiative is set to go Global
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Exxon is one of the top 5 largest oil companies based in the US. It had initiated its North Dakota program related to Bitcoin mining about a year ago, and now this pilot is all set to go global. By taking this innovative initiative to four more countries, Exxon plans to actively lessen the amount of natural gas it routinely flares off. In addition, it has an agreement with Crusoe Energy Systems, a company that provides energy services, which seeks to reallocate the otherwise waste oil to bitcoin mines. As a result, Exxon monetizes as much as 18 million cubic feet of gas, which otherwise would have been a waste. 

The four new locations to which Exxon plans to take this pilot to are Alaska, Nigeria’s Qua Iboe, the Vaca Muerta shale field of Argentina, and Germany. Sarah Nordin, a representative of Exxon, commented that the company constantly seeks alternatives that can help reduce the flaring of natural gas waste. She meant that when such waste gas is reallocated to Bitcoin mines, energy suppliers can monetize on what is technically as waste. Still, it also conserves waste energy in a way. 

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Crusoe is an energy company based in Denver that assists in capturing surplus gas and uses it to either convert it into electric power or aid in mining operations. According to the estimates of Crusoe, the carbon emissions by bitcoin mining are 60% of what the emissions would have been if the surplus natural gas was flared. An environmental activist, Danielle Fugere, supported this claim and said that such initiatives, as the North Dakota pilot of Exxon, help utilize waste and conserve the environment in a way. 

Bakken is an area in North Dakota that holds some of the US’s largest oil reserves and natural gas. It is even a host of ConocoPhillips, yet another energy company that has started activities similar to Exxon. Though many argue about the environmental crisis caused by Bitcoin mining projects, these are valid arguments. Exxon’s pilot can help the crypto industry become environment-friendly one day. 

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