The latest report by trustnodes, states that the world’s largest oil-producing giants are mulling to join the Bitcoin mining market. TrustNodes reported that oil-producing companies are working out a way to use the gas byproduct in Bitcoin mining activities. This could help in reducing harmful greenhouse emissions that occur through gas flaring. As a result, Saudi Aramco, ExxonMobil, and Gazprom – are exploring options.
“Energy from associated gas can power data centers and mining farms. This will increase the percentage of rational use of raw materials. This is especially true for remote regions of Siberia and the Arctic, where the transportation of associated gas from the fields is unprofitable,” says Alexander Kalmykov, head of the Gazprom Neft, a subsidiary of Gazprom.
In the case of oil production, the methane gas byproduct goes completely wasted. Thus, putting it to use for Bitcoin mining would bring additional revenue to the oil giants.
Also Read: Greenidge Generation Use Its Bitcoin Mining Profit to Create New Solar Farm
Oil Giants turning to Bitcoin Mining
Top companies like Saudi Aramco have surplus methane production. Raymond Nasser, Head of Mining Operations at Wise&Trust, noted that the gas burnt by Aramco can power half of the Bitcoin network alone. Nasser said: “We are negotiating with Aramco. All black liquid [oil] that comes out of the desert belongs to this company. All the flared gas they’re not using, and that’s public information, I can tell you, it’s enough to ‘power up’ half of the Bitcoin network today from this company alone”.
The U.S. state of Texas is also emerging as a key destination for bitcoin miners. This brings immense opportunity for oil-producing giant ExxonMobil to ransack into bitcoin mining. Thus, they can sell their gas byproduct to Bitcoin miners and put it to use for Bitcoin mining. This will be a multidimensional approach. This would also become very efficient as remote energy that no one wants would instead be utilized to secure and process hundreds of billions.
