A new project by oil company Exxon is aimed at reducing its emissions by using Bitcoin to power generators. The new technology turns natural gas into bitcoin, and Exxon expects this initiative to cut its carbon footprint by as much as 63%. While it may not make much money, the technology could help reduce global emissions. In July, the company announced plans to expand its buildout in the United States.
The oil giant has been partnering with a company called Crusoe Energy Systems to mine bitcoin in North Dakota. The Colorado-based company is working with the Bakken region of the state to install over ten of its engines. The company plans to install the units in more than ten locations by the end of 2021. However, it has no plans to deploy the equipment until further notice.
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In North Dakota, ExxonMobil has teamed up with Denver-based Crusoe Energy Systems to install the equipment needed to mine bitcoins. The company has a fleet of portable engines that it uses to mine the cryptocurrency. There are 11 currently operational in the Bakken, with another two at Exxon's fracking subsidiary XTO Energy and the Jorgenson Deep Creek Site. The project is also aimed at reducing the energy used for drilling, which is an important part of the company's overall emissions reduction plan.
The Bitcoin mining project will be a large scale experiment. The company has partnered with Denver-based Crusoe Energy Systems to build a network of computers that will mine the cryptocurrency from natural gas. The first phase will launch in the Bakken in late January 2021, and Crusoe plans to deploy over ten engines in the North Dakota field. The company expects to deploy over ten such machines in its North Dakota field in the coming years.
The bitcoin mining technology is currently being tested by companies in North Dakota. The company is working with Crusoe Energy Systems to install 11 of these engines at the company's fracking sites. The bitcoin mining project will use natural gas that would otherwise be burned to power a coal-fired rig. It is estimated that the project could mitigate as much as 0.03% of the emissions worldwide.
The cryptocurrency mining project is a pilot project involving Crusoe Energy Systems. The company will use the coal-fired engines to extract Bitcoin in North Dakota. The system is currently running 11 of the 20 available machines. The bitcoin mining operation will be the largest project of its kind in the U.S., but Crusoe is planning to install the other eighty in the Bakken.
The company is working with Crusoe Energy Systems to install 11 of the mining units in North Dakota. The company plans to use the coal-fired engines to mine the cryptocurrency. The project is an experiment that will continue to develop, but the long-term benefits are uncertain. The technology is not yet commercially available. Instead, Crusoe is working with oil companies to deploy the units in several oil fields.
Besides mining bitcoin as a part of its plan to slash emissions, the oil giant is also pursuing other methods to reduce its carbon footprint. The company is working with Crusoe Energy Systems, a company based in Denver, to mine bitcoin in North Dakota. The goal is to convert the energy from the natural gas to the cryptocurrency to power these systems. The technology is expected to slash carbon emissions by more than 80%.
The oil giant is experimenting with bitcoin mining in North Dakota to cut emissions. The company is deploying eleven portable engines in the region, and it will employ more than 80 of these machines in the near future. The startup has been working with Crusoe Energy Systems for over a year, and it intends to expand the project into other regions in the future. The company has a commitment to reducing its carbon footprint through the development of this cryptocurrency, which will reduce its carbon footprint by over 100%.