More On: Bitcoin
Exxon Mobil, the world's largest oil company, is mining Bitcoin. According to a Bloomberg story, the company is implementing a pilot operation to use an excess of natural gas from their oil wells to leverage BTC mining and avoid flaring.
This BTC mining program, which started in North Dakota, works with Crusoe Energy System, a firm that aims to "prevent normal natural gas flaring and lower the cost of cloud computing," according to their website.
Bloomberg cited persons familiar with the situation as saying that the partners use excess gas in the Bakken shale area to power Bitcoin mining equipment. Last year, in January 2021, the program was established, with an initial expansion in June.
This BTC mining plant consumes approximately 18 million cubic feet of gas each month. Rather than being discharged into the environment, this gas is used to protect the Bitcoin network, support its worldwide payment system, and manufacture more BTC.
Exxon Mobil's program also demonstrates BTC's ability to convert from environmentally harmful to ecologically sustainable practices. The initiative could be introduced in Nigeria, Argentina, and Germany in its next phase of expansion. CoinShares COO Meltem Demirors said:
So Bitcoin can actually solve energy infrastructure challenges while reducing emissions? without a single taxpayer dollar or government subsidy? imagine that! As a former energy person who worked Exxon Mobil – this is inevitable and will only grow.
On BTC's ability to supply energy industry alternatives and become cleaner, Chase Lochmiller, Crusoe Energy CEO and Co-Founder, said:
It is exciting to see the industry rapidly evolving towards environmentally-oriented ways of thinking and operating. Bitcoin mining has historically been conflated with carbon emissions. We believe mining can be leveraged as a tool to help reduce emissions and also accelerate the energy transition, providing critical infrastructure for both the bitcoin network and the future of energy infrastructure.
How Bitcoin Can Contribute With A Greener Future
Crusoe Energy estimates that the quantity of natural gas squandered each year due to flaring could power the whole continent of Africa. This could assist meet Europe's and other regions' energy demands.
Bitcoin and its Proof-of-Work consensus mechanism are critical to the long-term viability of this paradigm, which is appealing to firms like Exxon Mobil. According to additional data provided by CoinShares via Messari, the United States alone wastes 69 TW/h of power.
This energy is lost due to flaring, but Crusoe Energy and BTC mining can redirect it and use it to safeguard the network. This avoids the environment from being contaminated by enormous amounts of gas.
BTC critics frequently mention the cryptocurrency's energy usage, but they overlook its inherent potential as a motivator for energy-sustainable models.
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