Community Trust ScoreLikely Real
- Exxon diverting natural gas to Bitcoin Mining
- Shipping containers full of Bitcoin Miners
- Solve Two problems at once
- Selling industrial gas to Bitcoin Farms
- A new Emission Headscratcher with Emissions and Bitcoin Mining
Exxon, run a lot of operations based on Liquified Natural Gas. The process is capital intensive. They have the social responsibility to manage methane emissions, a natural gas formed during their operations. Exxon is on news in the Bitcoin and cryptocurrency space recent. As it is well known the Bitcoin is based on {PoW) and it continually requires cheap energy to sustain the Bitcoin Mining process.
Emissions which are hazardous to the environment are now being sold to Bitcoin mines as electricity. This is considered to be a novel idea from Exxon.
Exxon has been diverting its natural gas which might have otherwise burned off into generators. The natural gas will be converted to electricity to power shipping containers which are full of thousands of “bitcoin miners”. Exxon launched the pilot in late January 2021 and further expanded its buildout in July.
The waste natural gas formation is being used wisely to mine Bitcoin. Bitcoin miners need cheap source of electricity and they are incentivized to find the cheapest source of power. But with this activity of diverting natural gas to mint Bitcoin, the environment issue is well taken care of and the cheap source of electricity thing is also taken care of.
This is considered to be a great way to bring that demand to the wasted energy. Bitcoin miners consider the cheap electricity option with the methane gas would have a demand for it. Thus, it will solve two problems at once – Exxon will be able to find a proper use case for the waste gas and Bitcoin miners will be able to find cheap electricity.
Thus, the idea of selling industrial gas leaks to Bitcoin farms is catching up. However, this is not coming without its share of problems.
The widespread criticism is: “Because Oil Drilling Isn’t Destructive Enough, ExxonMobil Is Getting In to Bitcoin Mining, Too”
Reportedly, “Funneling excess flare gas to bitcoin mining, proponents of this project argue, is an economical use for so-called “waste” energy that companies would otherwise vent or burn off into the atmosphere. In reality, using that waste to power mining still generates emissions.”
Critics do not look at this approach as a solution, rather they consider it to be a headscratcher. They do not agree with the idea of: “Expanding a cryptocurrency pilot program, claiming it will help the company lower emissions.”
