What is this and can I exhaust out of it?

My two cents, i would get on the roof and check to see if the ducting goes all the way out. You might have both pipes all the way up to the top. I’ve seen it more than a few times. If that is the case, then the cap is only to keep the wind from blowing down the tube and i think it would be ok to use add a vent for your room. If you find no pipes or one pipe coming out of the top of the chimney then don’t use it.

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