pull down to refresh

Exxon Is Mining Bitcoin With Excess Gas: Reportbitcoinmagazine.com/business/exxon-is-mining-bitcoin-with-excess-gas-report
103 sats \ 4 comments \ @CypherPoet 24 Mar 2022 bitcoin
write
preview
related posts
21 sats \ 0 replies \ @kilianbuhn 25 Mar 2022
"No one uses it" "Only criminals use it" "Only nerds use it" "Only speculators use it" "Only a small % of the world uses it" "Only small companies use it"
➡️ Whole countries and fortune500s now.
Bitcoin is unstoppable
reply
0 sats \ 2 replies \ @BTCMiner 25 Mar 2022
The oil giant has an agreement with Crusoe Energy Systems to redirect gas that would otherwise be wasted from an oil well pad to mobile bitcoin mines. The report said the pilot project launched in January 2021 in North Dakota’s Bakken and expanded in July; now, it consumes up to 18 million cubic feet of gas per month that Exxon couldn’t otherwise monetize.
Exxon is now considering similar pilot projects in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany, one of the people told Bloomberg.
Bitcoin mining enables oil producers to sell gas they accidentally find while drilling for oil, not only bringing more profits to those companies but also contributing to the environment as such energy source is commonly wasted due to a lack of nearby pipelines.
Oil and gas giant ConocoPhillips last month spun up similar operations also in Bakken, North Dakota, to sell excess natural gas to a bitcoin mining farm operated by a third party.
The state of North Dakota [is] the second leading oil-producing state in the country, behind only Texas.
reply
0 sats \ 1 reply \ @BTCMiner 26 Mar 2022
Another article on this development:
The gas is still burned, releasing carbon dioxide into the atmosphere, but the energy is put to use instead of simply being wasted.
Natural gas is comprised mostly of methane, a global warming agent that is more than 80 times more powerful than carbon dioxide during its first two decades in the atmosphere.
Crusoe Energy, backed by Bain Capital, the Winklevoss brothers and Tesla Inc.’s first institutional investor Valor Equity Partners, has 20 portable engines permitted in North Dakota, of which 11 have operated,
about 90% of the gas produced in the state makes its way into pipelines to be used at power plants and elsewhere. The rest goes to waste.
Exxon Weighs Taking Gas-to-Bitcoin Pilot to Four Countries https://www.bnnbloomberg.ca/exxon-weighs-taking-gas-to-bitcoin-pilot-to-four-countries-1.1742495
reply
0 sats \ 0 replies \ @BTCMiner 26 Mar 2022
That Bloomberg article was found from the article in this other post on SN:
Exxon considers going global with gas-to-bitcoin pilot #16257 https://seekingalpha.com/news/3817092-exxon-considers-going-global-with-gas-to-bitcoin-pilot-bloomberg
reply