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ExxonMobil plans Bitcoin mining in Nigeria



LONG READ... CBN CRYPTOCURRENCY BAN: What is the noise about?

The United States-based oil corporation, ExxonMobil, has concluded plans to mine Bitcoin in Nigeria.

ExxonMobil’s NGL Industry Outlook Advisor, Eric Obrock, had proposed Bitcoin Proof-of-Work mining for wasted natural gas which would cut carbon dioxide (Co2) emissions by 63 percent.

Several reports on Saturday revealed that the move is aimed at ending the use of natural gas in powering generators.

According to the report, the plan is to convert wasted natural gas into electricity to power Bitcoin miners placed in shipping containers. The initiative has already begun in North Dakota.

READ ALSO: Bitcoin investors gain $40.8bn in 3 days as US mulls hike in interest rate

The project which started in January 2021 is tailored towards reducing global gas flaring. ExxonMobil is part of the “Zero Routine Flaring by 2030” initiative created by the World Bank.

Although there’s no timeframe on when the plan will take off in Nigeria, the West African country where Bitcoin and other cryptocurrencies remain banned is one of the few countries listed for the project.

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