ExxonMobil, an American oil firm, has completed preparations to mine Bitcoin in Nigeria.
Eric Obrock, ExxonMobil’s NGL Trade Outlook Advisor, proposed Bitcoin Proof-of-Work mining for unused pure gasoline, which could reduce CO2 emissions by 63 percent.
According to several reports published on Saturday, the move is aimed at phasing out the use of pure gasoline in mills.
According to a source, the goal is to convert wasted natural gas into electrical energy, which will be used to power Bitcoin miners housed in shipping containers. North Dakota has already started the initiative.
The operation, which started in January 2021, is specifically designed to reduce international gasoline flaring. ExxonMobil is a member of the World Financial Institution’s “Zero Routine Flaring by 2030” project.
Though no date has been set for when the plan would go live in Nigeria, the West African country is one of the few countries chosen for the mission. Bitcoin and other cryptocurrencies are illegal in Nigeria.