ExxonMobil would contribute to the mining of Bitcoin
The oil company ExxonMobil, the largest in the United States, would use its surplus natural gas to power Bitcoin (BTC) mining systems in North Dakota. Usually this gas is flared directly around oil wells, a technique commonly referred to as “flaring” or ” flaring “.
According to people close to the company who wished to remain anonymous, Exxon has reportedly reached an agreement with Crusoe Energy Systems Inc.a company specializing in flaring reduction solutions for major oil groups.
This partnership would already be effective and would already allow Exxon power generators for Bitcoin mining thanks to an oil well located in the Bakken Shale Basin in the North Dakota region.
On the way since January 2021, this project would already make it possible to reuse part of the natural gas produced on the sitewhich would usually be flared or burned in particular because of a lack of pipeline to transport it to another place such as a power station, for example.
Still according to one of the sources close to the company, Exxon would like reproduce this type of program internationallyin particular in Nigeria, Guyana, Germany and in the Vaca Muerta oil field located in Argentina.
Questioned by our colleagues from Bloomberg, Sarah Nordinthe Exxon spokeswoman, refused to comment on the various speculations surrounding this project, specifying however:
“We are constantly evaluating emerging technologies that could enable us to reduce our volume of flaring across our various businesses. »
? Find our guide to buy Bitcoin (BTC)
The environmental weight of mining
Players in the hydrocarbon industry are subject to pressures and obligations regarding their activities, particularly regarding their carbon footprint, which is often accused of actively contributing to global warming.
In the case of Exxon et al., they must, for example, reduce their volume of flared gas. The gas currently produced on shale operations contains mostly methanea gas 80 times more harmful to the environment during its first 20 years in the atmosphere than carbon dioxide.
Thus, the best solution seems to be to reuse the gas produced to use it as productive energyfor example through the Bitcoin mining necessary for Proof-of-Work (PoW) consensus.
According to a landmark study from the University of Cambridge, bitcoin mining would currently consume around 138 TWh annually, which is 7 TWh more than the energy needed to mine physical gold, by comparison. Moreover, if Bitcoin were a country, it would consume more than Norway, Ukraine, Switzerland or even the United Arab Emirates.
However, according to a recent report by CoinShares, the carbon emissions related to Bitcoin mining would only represent than 0.08% of the total global sharewhich remains objectively negligible.
? To go further: An American Bitcoin (BTC) mining farm is accused of noise pollution and risks closure
Sources: Bloomberg, Cambridge University
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About the Author : Maximilien Prue
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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