Exxon Mobil Reveals They Have Been Mining Bitcoin

ExxonMobil, the leading oil and gas producer in the U.S., revealed they had been working with Denver-based Crusoe Energy Systems to mine Bitcoin in North Dakota for over a year. The pilot program, which operates in the Bakken region, launched in late January 2021 and began expanding by July.
 

ExxonMobil was 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.
 

This project was not primarily about making money from Bitcoin. Instead, ExxonMobil has pledged to reduce emissions as part of an industry-wide effort to meet higher environmental demands. The type of crypto mining arrangement it’s pursuing with Crusoe reduces CO2-equivalent emissions by about 63% compared with continued flaring.
 

ExxonMobil’s Bitcoin mining work in North Dakota was first reported by Bloomberg, which said the company is also considering similar pilots in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana, and Germany.