Site icon Nairametrics

Exxon Mobil to run pilot Bitcoin mining operation in Nigeria

Exxon Mobil, the United States’ largest oil and gas corporation plans to run a pilot Bitcoin mining program, which uses excess natural gas that would otherwise be burned off, to mine Bitcoin at its Qua Iboe Terminal in Nigeria, according to Bloomberg.

Qua Iboe Terminal is one of Nigeria’s largest export facilities and plants in which Exxon Mobil owns 40% interest in the field production mix. The terminal is located on the eastern side of the Qua Iboe river estuary and contains nine crude oil storage tanks with a total capacity of 4.5 million bbls (Billion barrels of petroleum liquids). The production currently averages approximately 320kbd (Thousands of Barrels Per Day).

The firm launched a pilot program in January 2021 where it used excess natural gas that would otherwise be burned off from North Dakota oil wells to power cryptocurrency mining operations. According to sources, the firm plans to expand this operation to other sites around the globe including Nigeria.

Read: Bitcoin miners are super-rich, earn $1,000,000 per hour

What you should know

Read: Exxon Mobil is using excess natural gas to mine Bitcoin

News continues after this ad

Read: Is Bitcoin mining a viable business in Nigeria?

According to the report, Exxon Mobil has an agreement with Crusoe Energy Systems, a computer software company, to take gas from an oil well pad in the Bakken shale basin to power mobile generators, which will be used to run Bitcoin mining servers on site.

spokeswoman Sarah Nordin said in an email, “We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations.” However, she declined to comment on “rumors and speculations regarding the pilot project.”

Exit mobile version