Exxon Is Mining Bitcoin As Part Of Its Plan To Slash Emissions

By Matty007 | matthewsblog | 27 Mar 2022

After successfully reducing methane emissions at oil rigs in North Dakota, Exxon is now collaborating with Crusoe Energy Systems to remove more than 10 million cubic feet of gas from the ground. The companies will use this natural gas to run mobile generators that power Bitcoin mining servers. The company will begin this pilot project in January 2020 and expects to remove over ten million cubic feet of methane per month. The partnership will also include other projects in Alaska, Guyana, and Qua Iboe Terminal in Nigeria.

The two companies have partnered to reduce flaring in the Bakken region. The company is currently deploying eleven of these engines on Exxon's wells. The company is currently operating over 80 data centers across the region. The company is a young company, and has received recognition from the World Bank for its innovative flaring reduction solution. The Bakken Formation is one of the most prolific oil producing states in the U.S., and the growth of the industry has lifted North Dakota to second place in the nation.

The companies partnered to reduce emissions by 63%. The companies are aiming to reduce CO2 emissions from oil production by creating renewable energy using the excess natural gas from North Dakota oil wells. The company is planning to build similar projects in other countries. It is estimated that the partnership will result in the recycling of 18 million cubic feet of gas a month, which is about 0.4 percent of the oil company's reported business in North Dakota.

Both companies say that they are testing the technology. The technology aims to turn natural gas into electricity. The oil giant says the system is the most efficient way to produce gas. However, the new project involves a process that uses the waste from crude oil refineries. The process is called fractional distillation, which is a process used to extract natural gas.

The companies are also experimenting with a cryptocurrency mining arrangement. They are reducing emissions by diverting natural gas from burning to power bitcoin miners. The company plans to deploy over ten engines in the North Dakota field. And if this method is successful, it would help mitigate an additional 0.03% of global emissions. The World Bank has deemed the technology a "breakthrough innovation" and says it could reduce CO2 by more than 100%.

The company has completed a feasibility study on the bitcoin mining pilot project. The cryptocurrency mines will use a technology that converts carbon dioxide into useful forms. This method has the added advantage of reducing energy costs while still reducing emissions. It will also reduce greenhouse gases in other parts of the world. The technology can be used in many locations.crusoeenergy.com/

The companies have successfully tested a pilot program in North Dakota. It will use natural gas from oil wells in North Dakota. By utilizing these resources, Exxon is saving money and ensuring the safety of its employees and communities. The world bank also acknowledged the project as a breakthrough in reducing flaring. It has become clear that they are achieving these goals, but there are still more to be done.

By reducing emissions, the company would mitigate a mere 0.003% of global emissions. Similarly, a thousand of Crusoe's portable engines would reduce more than 10 million cubic meters of emissions. And even more impressive, these engines are being used in areas where the oil companies do not have access to natural gas. Unlike C02 emissions, the gas produced from these technologies traps far more heat than the latter.

Exxon Mobile and Cruso's bitcoin mining operation is a pilot project in North Dakota that could expand into four more countries. Currently, the company uses 18 million cubic feet of natural gas per month, and it produces 158 million cubic feet per day. The companies hope to deploy these machines across the world. But the initial goal is not to profit from cryptocurrency, but to reduce emissions.

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