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As reported by Bloomberg on Thursday, citing sources familiar with the matter, oil giant ExxonMobil is currently exploring how it can utilize wasted gas emission from its North Dakota oil wells to power the mining of Bitcoin.
In a pilot project, the company is looking to use the flared gas, natural gas that would otherwise be burned off, to power mining facilities in the vicinity, and also to supply Bitcoin miners elsewhere around the globe.
Bloomberg’s anonymous sources disclose that ExxonMobil has a deal with Crusoe Energy Systems to take gas from their oil well pad in the Bakken shale basin to power generators.
In February, oil and gas exploration and production giant, ConocoPhillips (COP), announced it is making use of excess natural gas from one of its Bakken region projects in North Dakota to provide power to Bitcoin (BTC) mining business.
ConocoPhilips is a founding member of the OOC Oil & Gas Blockchain Consortium, a group of energy companies looking to establish “key blockchain standards, frameworks and capabilities” within the industry.