Exxon Mining Bitcoin with Wasted Energy

Market Meditations | March 28, 2022

ExxonMobil is the top oil and gas producer in the U.S. According to people with knowledge of the matter, they have been running a pilot program to mine bitcoin in North Dakota since late January 2021.

  • Exxon is “diverting natural gas that would otherwise be burned off into generators, which convert the gas into electricity used to power shipping containers full of thousands of bitcoin miners.”
  • To put it simply, the energy from flames one may see rising from oil fields is being redirected to mine bitcoin. (click here to learn more).
  • This bitcoin project is not about making money as much as its pledge to reduce emissions to meet higher environmental demands.
  • ConocoPhillips is also running a similar mining scheme in North Dakota.
  • While this may not be the renewable energy environmental activists were searching for, it is a way to solve two problems at once by finding a use for the otherwise wasted energy.

This news is sure to boost bitcoin and the gas producer by turning a negative into a potential net positive.