• 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.

By Antoni