In an unprecedented move, Exxon Mobil announced that it will mine cryptocurrencies using its excess natural gas. This development is groundbreaking in terms of mining and mining hardware, and it has implications for the broader world economy.
Natural gas generates clean and reliable electricity capable of powering utilities, homes, and transportation. This energy source gives users a green option to power their homes or mine cryptocurrencies.
A Japanese company called Satori Mining Corp. was the first to mine cryptocurrencies using this new form of energy. However, Exxon Mobil is the first major U.S. oil company to use it for mining purposes.
Satori Mining Corp. has been using natural gas to mine cryptocurrencies since December 2017 and has reportedly mined 2 Bitcoin (BTC) in the last 9 months, making between $1–$2.5 million in returns.
Collin Williams is a miner at Satori Mining Corp. and works 11–12 hours a day, 7 days a week. He has been mining with the company since December 2017 and has reportedly mined 1 Bitcoin (BTC) as of March 28.
Williams uses a modified version of the technology to power his mining operation that can store ENG from the grid. When using this technology, he does not have to stay at home and can mine cryptocurrency remotely.
Also, since he does not need to use electricity from the national grid, he has saved a considerable amount of money in his mining operation. When comparing the two, natural gas prices are consistently two to three times cheaper than electric prices. As energy costs are projected to rise, the significance of this approach will likely become more evident.
In the future, Exxon Mobil plans to make this technology available to its customers and expects it to be available to end-users in the next decade. Additionally, this type of gas has other industrial uses, such as enhancing metal ores or giving cryptocurrency miners a cheaper alternative to using electricity from the national grid.