ConocoPhillips Is Selling Extra Gas To Bitcoin Miners

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  • 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, CNBC report­ed.

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.

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