Exxon is trying out a program that will use leftover natural gas to power bitcoin mining

• Exxon Mobil and Crusoe Energy Systems are testing a program that uses unused natural gas to power crypto mining.
• The pilot program, which began in January 2021, is similar to a move made by competitor ConocoPhillips.

Exxon Mobil is reportedly testing a program that powers cryptocurrency-mining operations using leftover natural gas that would otherwise be burned off from wells.

The largest US oil producer inked a deal with Crusoe Energy Systems to use gas from the Bakken shale basin in North Dakota to power bitcoin mining servers on site, according to Bloomberg.

The program began in January 2021 and ramped up in July, with 18 million cubic feet of gas per month powering crypto mining. Exxon is now considering expanding it to more locations, including Germany, Guyana, Argentina, and Nigeria, sources told Bloomberg.

The program is similar to a move by rival ConocoPhillips, which confirmed last month it's selling excess natural gas to crypto miners in North Dakota instead of burning it.

Major oil drillers regularly burn gas while drilling for oil, if there isn't a nearby pipeline to transport the commodity. Shale oil in particular produces a great deal of excess natural gas, and much of it usually ends up being burned off.

Meanwhile, crypto firms are seeking alternative, cleaner-burning options to power their mining operations, which draw vast amounts of energy and often from dirtier coal-fired power plants.