Exxon Mobil is now mining Bitcoin by burning excess natural gas

Exxon Mobil has partnered with Crusoe Energy Systems Inc. to create a new cryptocurrency mining project powered by excess natural gas.

A surplus of 18 million cubic feet of natural gas produced by Exxon Mobil per month is being used to power mobile Bitcoin mining servers. Exxon produces too much gas from shale oil to transport through its pipelines, so the company has sought to profit from the has that would otherwise be burned off without serving any purpose.

Cryptocurrency mining currently is relatively unfriendly to the environment, requiring significant amounts of power, mostly generated from fossil fuels, resulting in a large carbon footprint. This pilot project makes cryptocurrency mining slightly more environmentally friendly by not using excess fossil-fuel-derived power while natural gas continues to be wasted.

Exxon says that it is "continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations." However, redirecting the gas volumes that would otherwise be burnt off to cryptocurrency mining is arguably less environmentally friendly than finding a way to reduce excess gas production in the first place.