The latest report in the market is that the world’s largest oil-producing companies are mulling to join the Bitcoin mining market. On Sunday, August 1, TrustNodes first reported that oil-producing companies are working out a way to use the gas byproduct in Bitcoin mining activities.
Thus, productively using the gas will also help in reducing harmful greenhouse emissions like methane generated through gas flaring. As a result, the world’s leading oil producers – Saudi Aramco, ExxonMobil, and Gazprom – are exploring options. Speaking to the publication, Alexander Kalmykov, head of the Gazprom Neft, a subsidiary of Gazprom said:
“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”.
Saudi Aramco’s Experiment With Bitcoin Mining
Bitcoin mining is an energy-intensive process and the industry has been aggressively working to move towards green energy solutions. Now, in the case of oil production, the methane gas byproduct goes completely wasted. Thus, putting it to use for Bitcoin mining can bring additional revenue for the oil giants.
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:
Trending Stories
“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 delve 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 multi-pronged approach. On one hand, they will reduce the costs in carbon credits, save the penalty fee, and also earn revenue by selling the extra gas.
- New Crypto Rules In Europe: A Global Standard For Regulation?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
