Exxon Mobil launched a pilot program in January 2021 to use surplus natural gas to power cryptocurrency mining rigs.
Exxon Mobil, one of the largest energy producers in the United States, has announced the signing of an agreement with Crusoe Energy to use excess natural gas produced in its oil wells in North Dakota to power Bitcoin mining rigs.
The project plans to use up to 18 million cubic feet of natural gas, called “vent gas.” This gas, which is typically flared, releasing CO2 into the atmosphere, accounts for 0,4% of the company’s reported natural gas operations, which produce up to 158 million cubic feet of natural gas each day.
An expanding program
The oil company launched the pilot program in January 2021. Now, thanks to the good results obtained, it is planning to expand it to four other countries where it also has oil operations: Argentina, Germany, Guyana and Nigeria.
At the same time, it plans to launch a similar program in Alaska, where it also has extraction wells.
A responsible use of energy
Natural gas is a byproduct of some oil drilling operations. Traditionally, this gas, called “vent gas,” was burned in large flares, releasing a large amount of CO2 into the atmosphere.
This is because the transportation of this natural gas, whether by pipeline or truck, is often too expensive and, at the same time, the quantity of gas produced is not always sufficient.
Companies are forced to burn this excess gas or expel it into the atmosphere, which in both cases ends up being highly polluting and causes losses to companies.
Al channel this excess natural gas to cryptocurrency mining operations, we are making responsible use of energy that would otherwise be wasted.
Natural gas is already producing Bitcoin
Companies like Crusoe Energy have specialized in the recycling of this natural gas. In September 2021, the company had 60 mining hubs adapted to the use of natural gas in four US states, which has reduced carbon dioxide emissions by up to 63%.
In the United States, 69 TWh of energy is wasted each year by flaring excess natural gas. Thanks to these mining data centers, this energy can be reused, relieving the electrical grid of the mining load and making responsible use of clean energy.
