ExxonMobil Plans to Use Excess Natural Gas to Power Cryptocurrency Mining

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Today’s Cryptocurrency Headline

Oil giant Exxon Mobil is conducting a pilot project to power cryptocurrency mining using excess natural gas that would otherwise be burned in oil fields in the U.S. state of North Dakota, according to people familiar with the matter. Exxon Mobil has struck a deal with excess gas generator Crusoe Energy Systems Inc. to take gas from an oil well pad in the Bakken Shale Basin to power mobile generators used to run bitcoin mining servers on-site. The project was launched in January 2021, and the company is currently considering rolling out the pilot to Alaska, Nigeria, Argentina, Guyana, and Germany.

BingX’s Bitcoin Chart

Source: TradingView& BingX

According to a survey by Goldman Sachs, investors continue to be bullish on cryptocurrencies. The survey explored 172 clients’ attitudes towards digital assets, with 60% saying they expected to increase their cryptocurrency holdings in 1-2 years, and 32% saying they would “significantly” increase their cryptocurrency holdings.

BTC is up about 0.8% over the last 24 hours and has risen to an intraday high of $45,094. Both the 20-day and 100-day exponential average(EMA) have turned up gradually, and the relative strength index (RSI) is in positive territory, indicating the bulls have the upper hand. If the bulls break the $46,000 resistance level, we could potentially see the 3-month choppy market ending.


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