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Bloomberg: Exxon Mobil Plans To Use Idle Natural Gas To Power Bitcoin Mining
Summary: Oil giant Exxon Mobil (XOM) is working on a pilot project to use idle natural gas to power Bitcoin mining, Bloomberg reported on Thursday, citing people familiar with the matter. In places where oil pipelines cannot reach, much idle natural gas will be burned in vain, causing a huge waste of energy. It will be ...
Oil giant Exxon Mobil (XOM) is working on a pilot project to use idle natural gas to power Bitcoin mining, Bloomberg reported on Thursday, citing people familiar with the matter.
In places where oil pipelines cannot reach, much idle natural gas will be burned in vain, causing a huge waste of energy. It will be a win-win to be used for crypto mining. The oil giant also hopes to power Bitcoin mining companies in other locations around the world.
Citing unnamed sources, Bloomberg reported that Exxon Mobil is in the process of striking a deal with Creusot, one of the pioneers in using exhaust gas to power Bitcoin miners.
Another oil major, ConocoPhillips (COP), has said it is supplying a Bitcoin mining project with natural gas from the Bakken shale of North Dakota.
By Mary Liu
Tags: Bitcoin,Exxon Mobil,miner
Link: Bloomberg: Exxon Mobil Plans To Use Idle Natural Gas To Power Bitcoin Mining [Copy]
