"Better late than never," is probably what occasional bitcoiner thinks about Exxon's decision to dive deeper into the crypto market by expanding its pilot project that uses excess natural gas to power cryptocurrency mining rigs.
Bloomberg reports — citing people familiar with the matter — that the oil giant is weighing to expand the pilot around the globe, landing the same facilities in Alaska, the Qua Iboe Terminal in Nigeria, Argentina's Vaca Muerta shale field, Guyana and Germany.
The report says Exxon uses about 18 million cubic feet of excess gas per month to power bitcoin mining rigs. No other details about the pilot project were said so far.
The problem of excess gas supply is more urgent than ever before as reports say shale oil overproduces gas so much that it ends up being vented into the air or even burned off.
Exxon is the latest big player that joined the shift towards sustainable cryptocurrency mining. Other oil producers have been here for a while now. One of them, Crusoe Energy Systems, provides solutions for the energy industry helping them to reduce routine flaring of natural gas.