• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 16 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 6 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 8 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Breaking News:

Oil Likely To Hit $200: SEB Group

Investors Dump Copper As Demand Stumbles

Investors Dump Copper As Demand Stumbles

Copper prices have plummeted to…

Are Oil Prices Heading Back To $120?

Are Oil Prices Heading Back To $120?

Last week’s sell-off by speculators…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

Exxon Considers Taking Its Gas-To-Bitcoin Pilot Global

  • Exxon, the world’s fourth largest oil company, is considering its successful bitcoin mining pilot program global.
  • The program has successfully used flared natural gas as a source of power to mine bitcoin.
  • “It is creating use of what would be otherwise wasted.” 

The fourth-largest oil company in the world is now considering taking its gas-to-bitcoin pilot to four countries... The largest U.S. oil producer Exxon Mobil is considering expanding its North Dakota bitcoin mining pilot program to further reduce the volume of natural gas it routinely burns off or flares into the atmosphere, Bloomberg reported Thursday.

People familiar with the matter told the news outlet that 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.

“We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations,” spokeswoman Sarah Nordin told Bloomberg. She declined to comment on “rumors and speculations regarding the pilot project.”

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.

Related: Lithium Price Surge Jeopardizes Energy Transition Efforts

Denver-based Crusoe helps those companies capture otherwise wasted surplus gas from their energy production, convert it into electricity, and use it to power data centers and bitcoin mining operations. The firm estimates that bitcoin mining allows carbon dioxide-equivalent emissions by over 60% compared to routine flaring.

President of environmental shareholder-activist group As You Sow, Danielle Fugere, told Bloomberg that these pilots are a positive step for Exxon to find a use for its excess gas. “It is creating use of what would be otherwise wasted,” she said.

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.

Bakken houses one of the largest deposits of oil and natural gas in the U.S., a phenomenon that led to the “Bakken oil boom” that made the state of North Dakota the second leading oil-producing state in the country, behind only Texas, according to the Earth Resources Observation and Science (EROS) Center.

By Zerohedge.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News