Exxon Mobil uses bitcoin to reduce greenhouse gas emissions Investing.com - Exxon Mobil (NYSE:XOM) is using excess natural gas from North Dakota oil wells to produce bitcoin. This residual gas is normally burned off in a process called "flaring".
However, it is repurposed to mine cryptocurrencies using containers full of bitcoin mining machine. Exxon partnered with Crusoe Energy, a company backed by the Winklevoss twins, to create this mining infrastructure.
"Our systems reduce greenhouse gas emissions by the equivalent of hundreds of thousands of cars, primarily by reducing the amount of methane that escapes into the atmosphere from incomplete combustion in flares."
The lack of pipeline infrastructure around the region's oil wells means that companies generally cannot practically exploit the gas. The carbon dioxide produced by flaring is estimated to account for approximately 25% of all CO2 produced by the oil and gas industry. This equates to approximately 281 million tonnes of CO2 per year.
Flaring accounts for approximately 5% of global gas consumption. About 110 billion cubic meters, enough to power 72 million homes for a year, are wasted in this process.
In addition, Exxon Mobil must pay fines for not meeting its emissions targets due to flaring each year. By mining bitcoins, she can reduce her penalties and generate income by holding bitcoins.