ExxonMobil is employing natural gas for Bitcoin mining

Sahana Kiran
Source – EnergyCapitalMedia

Bitcoin mining has been a controversial topic. From its massive energy consumption to noise pollution created by mining equipment, it emerges as an issue to many. The exorbitant energy usage of BTC mining is a topic that is often debated. As a result, firms across the globe have been trying to employ sustainable ways of mining the world’s largest cryptocurrency. In a similar attempt, ExxonMobil, a US-based energy producer announced that has been running a pilot program that uses energy from excess gas to power mining rigs.

ExxonMobil is reportedly looking to expand its program into four other countries. This Bitcoin pilot program employs excess gas from oil wells across North Dakota. As part of a partnership with Crusoe Energy, the pilot uses around 18 million cubic feet of natural gas every month.

Additionally, the pilot program was launched back in January 2021 and has visibly been working out for the firm.

The lack of pipelines often leads to excess gas being burned or flared. However, the latest program allow Bitcoin miners to make use of it. Exxon’s spokeswoman, Sarah Nordin affirmed that the latest initiative was carried out to minimize flaring volumes. She added,

“We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations.”

Additionally, burning or flaring excess gas can quite often pose hazardous to the environment. Therefore, energy-producing firms could be eyeing the Bitcoin mining industry to remain in the good books of environmental activists.

Bitcoin’s price takes off

The entire crypto market was painted green. Bitcoin was leading the way. The largest cryptocurrency seemed to be inching closer to $45K. During press time, BTC was trading for $43,956.93 with a 2.77 percent surge over the last 24-hours.

Furthermore, the last couple of months have been bumpy for Bitcoin. From dropping down to $34K to struggling to form prominent support at $40K, BTC was drowning in volatility.