Share this article
ExxonMobil Running Pilot Project to Supply Flared Gas for Bitcoin Mining: Report
The oil giant is looking to make use of natural gas that would otherwise be wasted at sites around the world, according to Bloomberg.
By Aoyon Ashraf
Updated May 11, 2023, 7:15 p.m. Published Mar 24, 2022, 7:25 p.m.
Make us preferred on Google
Oil giant ExxonMobil (XOM) is running a pilot project to use what would otherwise be wasted gas from its North Dakota oil wells to power bitcoin mining operations, Bloomberg reported Thursday, citing people familiar with the matter.
The excess natural gas would have otherwise been burned off, or flared, because of the lack of pipelines.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The oil company is also looking to supply flared gas to bitcoin miners at other sites around the globe, according to the report.
ExxonMobil has a deal with Crusoe Energy Systems, one of the pioneers of using wasted gas to power bitcoin mining operations, to take gas from an oil well pad in the Bakken shale basin to power mobile generators that are used for bitcoin mining operations, Bloomberg said, citing the unnamed source.
The news comes after another major oil company, ConocoPhillips (COP), said it's running its own pilot project to route excess natural gas from one of its Bakken region projects in North Dakota to supply necessary power for a bitcoin mining operation.
“ExxonMobil continuously evaluates emerging technologies aimed at reducing flaring volumes across our operations,” ExxonMobil spokeswoman Sarah Nordin told CoinDesk in an email, adding that the company recently announced that its emissions reduction plans are expected to achieve World Bank Zero Routine Flaring by 2030.
Most recently, Crusoe Energy was recognized for its “innovative” solution to flaring globally by the World Bank’s Global Gas Flaring Reduction Initiative report. In the flaring process, excess natural gas is burned off into the atmosphere as part of oil drilling operations; it has become standard industry practice because of the lack of transportation infrastructure.
Nordin declined to comment on “rumors and speculations” about ExxonMobil’s pilot project, and Crusoe Energy also declined to comment on Bloomberg’s story.
Shares of ExxonMobil were flat on Thursday.
In 2019, ExxonMobil and ConocoPhillips were among the founding members of the OOC Oil & Gas Blockchain Consortium, a group of energy companies looking to establish “key blockchain standards, frameworks and capabilities” within the industry. Other members of the group include Chevron, Equinor (EQNR), Hess (HES), Pioneer Natural Resources (PXD) and Repsol.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase CEO says Big banks now view crypto as an ‘existential’ threat to their business
Brian Armstrong returns from World Economic Forum with message: traditional finance is taking crypto seriously
What to know:
- Coinbase CEO Brian Armstrong said a top executive at one of the world’s 10 largest banks told him crypto is now the bank’s “number one priority” and an “existential” issue.
- At Davos, Armstrong highlighted tokenization of assets and stablecoins as major themes, arguing they could broaden access to investments for billions while threatening to bypass traditional banks.
- He described the Trump administration as the most crypto-forward government globally, backing efforts like the CLARITY Act, and predicted that AI agents will increasingly use stablecoins for payments outside conventional banking rails.
Top Stories
