ConocoPhillips is Selling Extra (Natural) Gas to Bitcoin Miners in North Dakota

upstart writes:

ConocoPhillips is selling extra gas to bitcoin miners in North Dakota:

Oil and gas major ConocoPhillips is in the bitcoin mining fuel business.

The company said in a statement to CNBC on Tuesday that it has one bitcoin pilot project currently operating in the Bakken, a region in North Dakota known as an important source of new oil production in the U.S.

A representative for ConocoPhillips said the company is not operating the crypto mine itself. Instead, it sells gas that would otherwise have been burned off to a bitcoin processor that is owned and managed by a third party.

[...] The push into bitcoin mining dovetails with an initiative by the oil and gas major to reduce routine flaring, or burning off extra gas, to zero by 2030.

The company has published reports about efforts to phase out the practice of routinely flaring natural gas in the "Lower 48" states, which represents the largest segment in ConocoPhillips today, based on production. It is comprised of two regions covering the Gulf Coast and Great Plains - an area that includes the Bakken.

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