ConocoPhillips has one Bitcoin pilot project operating in North Dakota.
The company is selling stranded gas to bitcoin miners in the Bakken, an oil-abundant region in the U.S.
The setup allows the company to monetize gas that would otherwise be wasted while it reduces carbon emissions and enables a bitcoin miner to access cheap energy.
Oil and gas giant ConocoPhillips has indirectly entered the bitcoin mining business.
The company has spun up a pilot Bitcoin project in Bakken, North Dakota, through which it sells natural gas that would otherwise be burned for disposal — “flared” — to a bitcoin mining farm operated by a third party, CNBCreported.
Bakken houses one of the largest deposits of oil and natural gas in the U.S., a phenomenon that led to the “Bakken oil boom” that made the state of North Dakota the second leading oil-producing state in the country, behind only Texas, according to the Earth Resources Observation and Science (EROS) Center.