Exxon Going Green In Bitcoin Mining
Going green any way we can is an invaluable endeavor. So, when one of the big guys gets involved, it gives us hope that if successful, others will follow. That’s what Exxon is doing, and it’s exhilarating.
Exxon is the largest gas company in the U.S. With an estimated net worth of approximately $350 billion; it’s needless to say that they are making a massive dent in our natural resources globally. Gas and oil are not the only ones with a reputation for using massive amounts of natural resources. Bitcoin mining also often gets a bad wrap for this. As BTC, becomes increasingly more popular with each passing day, pushback is to be expected. Now, while environmental activists are screaming at the top of their lungs about energy consumption in Bitcoin mining, Exxon is marching forward to help solve the problem.
What Is Exxon Doing?
Working with Crusoe Energy Systems, Exxon launched its pilot program in January of 2021. Beginning with their North Dakota oil wells, the Bitcoin mining operation is powered by excess natural gas that would typically be flared off. As successful as it has been, they plan to install more systems worldwide.
“This is just a great way to…solve two problems at once. Solve the energy appetite of Bitcoin and solve the stranded energy, flare gas problem for the energy industry. We’re really moving the needle on flared volumes. More than 10 million cubic feet of gas per day that would be flared is not flared because we’ve deployed our systems.” Cully Cavness, President & Co-Founder, Crusoe Energy Systems
Putting It All Together
Around the Bitcoin mining industry, concerned developers find every way possible to go green. From circuits that reduce energy consumption to lasers that reduce computational efforts, the industry has really gone out of its way to satisfy the concerns of environmentalists. And now, the largest gas company in the U.S. has joined the effort to utilize natural gas that would otherwise be wasted.
Currently, Exxon is leading the way to ensure its resources are used wisely. But, might I add, they stand to make a very healthy profit from this perfectly green endeavor? Now if companies like Saudi Aramco, Chevron, and Shell would fall in line, we’d have this issue whooped.