Exxon Mobil Is Starting to Burn Excess Gas to Mine Bitcoin – Futurism

"It is creating use of what would be otherwise wasted."Bitcoin Burn

Instead of simply burning excess natural gas and wasting it completely, Exxon Mobil is making a change that may or may not be an improvement itstaking that extra 18 million cubic feet of gas per month and using it to power crypto mining facilities.

The oil giant reached an agreement with Crusoe Energy Systems Inc. that will use the gas to power mobile Bitcoin mining sites, according to a new Bloomberg story based on sources familiar with the plans.

It is creating use of what would be otherwise wasted, Danielle Fugere, president of corporate environmental group As You Sow, told the business publication about the merits of the decision.

Bloomberg reported that Exxon simply doesnt have enough pipelines to transport all the gas it produces from shale oil. How much Exxon is getting paid for pumping the resource to Bitcoin miners isnt yet clear.

On the one hand, the gas is going to be burned either way, so at least now its being used. So it may be the rare case in which crypto mining is creating a small positive environmental impact. After all, most operations create tons of greenhouse gases and often use fossil fuels to power warehouses full of mining rigs. Its also messing up the economies of entire countries, like El Salvador, which recently required every business to accept Bitcoin as legal tender.

Of course, that doesnt negate the fact that Exxon is pouring resources into an industry rife with fraud and possible money laundering, though and in doing so, contributing to an industry with a vast environmental impact.

If we had to grade Exxons new plan wed give it a solid meh. Using the gas is better than nothing, but the real solution would probably be figuring out how to waste less gas in the first place.

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Exxon Mobil Is Starting to Burn Excess Gas to Mine Bitcoin - Futurism