A new report citing people with knowledge of the situation claims that Exxon Mobil is taking part in an operation that uses surplus natural gas for powering the cryptocurrency mining equipment. According to the newspaper, the oil company is working with Crusoe Energy Systems on the project occurring in North Dakota’s Bakken shale field.
Exxon Utilizing Flaring Gas to Test a BTC Mining Project
Naureen S Malik, a Bloomberg contributor, reported on March 24 that Exxon Mobil, the nation’s largest oil and gas company, is engaging in a BTC mining pilot program using its excess natural gas. According to Malik, people knowledgeable about the subject said Bloomberg that they couldn’t be identified since the news isn’t public. However, those who did not want to be identified indicated that Exxon Mobil is presently collaborating with Crusoe Energy inside North Dakota.
Crusoe Energy Solutions offers digital solutions to reduce natural gas flaring. Natural gas flares occur when any oil and gas company extracts oil from the shale, and the process of extracting creates excess gas, which is then burned. Some oil corporations have discovered techniques to turn flare gas into usable energy, and Crusoe Energy assists gas corporations in mining cryptocurrencies such as BTC using flare gas.
According to Malik’s claim, Exxon Mobil is testing its technology at the oil pad close to the Bakken shale formation. According to those acquainted with the situation, the BTC mining servers utilized in the pilot project are now operational on site. Furthermore, the unidentified sources informed a Bloomberg journalist that Exxon Mobil’s contemplating launching trial programs in four nations that use flaring gas in mining cryptocurrency.
In Malik’s report, he says that Exxon, the biggest United states oil company and a part of the people he talked to, said they’re planning to do pilot projects in Alaska, Nigeria, and Argentina’s Vaca Muerta shale field, Germany and Guyana. According to the journalist, Malik called Crusoe Energy regarding the story, but the corporation refused to respond. Crusoe Energy is situated in Denver, Colorado, and the corporation’s proprietary technique is referred to as digital flare mitigation technology.
Equinox Allegedly Sells Surplus Flaring Gas to Bakken Shale Mining Projects
There have been moments when there has been a lot of conjecture about huge gas firms mining BTC and publications focusing on individual corporations. Arcane Research released pictures from Equinor, a publicly-traded energy company, in August 2020. Crusoe Energy Collaborated with Equinor, the Norwegian nation’s energy business. According to reports, Equinor’s North Dakota partnership with Crusoe aimed to minimize flares from the oil facilities through BTC mining.
Exxon and Equinor were selling excess flaring gas to BTC miners within North Dakota by ConocoPhillips in mid-February. According to a CNBC report, ConocoPhillips was focusing on a trial project in the Bakken shale area. ConocoPhillips didn’t identify the BTC miner it supplies to, nor the period with which the test operation has been operating. Nevertheless, Sigalos stated that the gas provider frequently employs Crusoe Energy.
EZ Blockchain, Upstream Data, and Crusoe Energy aren’t the sole companies providing gas-to-BTC remedies. Greenidge Generation mines BTC with extra gas. In May of last year, EZ Blockchain announced collaboration with Silver Energy, a Texas-based oil and gas corporation.