Bitcoin prevents energy waste – Exxon to mine BTC in 5 countries with its overproduction


bitcoin to optimize – In the United States, some high-ranking politicians, members of the US Congress, consider Bitcoin (BTC) like a chancebecause its mining would allow promote “energy independence” from the country. The big oil and gas company Exxon also understood the multiple benefits what can Bitcoin bring. In this case, the king of cryptos allows him to greatly minimize the waste of its energy surplus.

Exxon ramps up experimentation with BTC mining farms

It’s not justat hydraulic dams that the mining of the network Bitcoin makes it possible to avoid foolishly spoil overproduction of electricity. Many oil and gas companies are experimenting with this BTC mining to to optimise their surplus production.

As reported in a Bloomberg publication published on March 24, this is the case of the American giant Exxon Mobil Corp.which is already leading a pilot program of this kind in North Dakota (USA), on the so-called “Bakken” site, since January 2021.

This first test consists of using the excess natural gaswhich is a by-product of the extraction of oil of this operation. Prior to this, part of gas was unnecessarily burned (“flaring”), because its recovery would have been either impossible or largely loss-making. Thanks to the mining farm of bitcoins installed by Exxon on this site, this gas now makes it possible to generate a additional income for the company.

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4 more countries to put surplus energy to use

Given the success of this test conducted with the help of Crusoe Energy Systems Inc.the pilot program was extended in July 2021. The mining of BTC thus makes it possible to give utility to 510,000 cubic meters of excess gas, which otherwise would have gone up in smoke for lack of storage/transport.

Exxon actually seems to be more than satisfied of these first results, since the multinational energy company would like to extend the mining of bitcoin on 5 other websites of production, of which 4 in new countries:

  • in Alaska (USA);
  • to Nigeria ;
  • in Argentina ;
  • in Guyana (former British Guiana);
  • and in Germany.

“We are constantly evaluating emerging technologies to reduce the volumes of [gaz gâché en] flaring at all of our operating sites (…)”

Sarah Nordin, spokeswoman for Exxon Mobil Corp.

In fact, Exxon is already no longer the only one company in the Bakken oil region to exploit this excess gas. During February 2022, the Texas oil company ConocoPhillips announced, thanks to Bitcoin, to reduce the ecological impact of its activities, again avoiding unnecessary flaring thanks to mining crypto.

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