Since the price of Bitcoin began to rapidly rise almost a decade ago, Bitcoin miners have designed their digital computers to participate in its Proof-of-Work consensus mechanism. By providing computer systems that solve complex mathematical problems and help to verify new blocks, miners are rewarded in Bitcoin. While this cryptocurrency was increasing in value, miners were able to make a fortune from the practice.
In what is becoming a more common industry practice, Exxon Mobil, the United States’ largest oil and gas producer, has announced its plans to initiate a pilot Bitcoin mining program by rerouting excess natural gas, which would normally be flared or burned off, to its Qua Iboe Terminal in Nigeria to power Bitcoin mining
ConocoPhillips, the world’s largest independent exploration and production company, has agreed to sell natural gas that would have been otherwise been flared to a third-party Bitcoin miner located in the second-largest major shale play in the Bakken, North Dakota.
Google Cloud will be expanding its suite of security capabilities to include detection for cryptocurrency mining in virtual machines, zeroing in on a common but difficult threat to identify.
Crypto asset firm Valkyrie Investments has just submitted filings with the SEC to list a Bitcoin mining-focused exchange-traded fund on the Nasdaq. Valkyrie’s proposed ETF would invest a minimum of 80% of its net funds into stocks of domestic and foreign companies that generate at least 50% of their revenue from Bitcoin mining and related operations including the production of specialized mining chips, hardware, and software to support the industry.