ConocoPhillips, the world’s largest independent oil and natural gas production company will start selling their excess gas to Bitcoin miners.
A CNBC report states the company has started a pilot project in Bakken, North Dakota where oil reserves are rich.
Instead of burning off their excess gas, they’ve sold it to a Bitcoin processor for use. Although the company has not disclosed the bitcoin miner behind the business deal or terms of the project yet. The decision supports the companies objective of eliminating routine flaring by 2030.
Oil and gas production companies have often been forced to burn excess gas when problems occur to the transmission pipelines, in turn revenue drops along with the fact this poses a danger to wildlife.
ConocoPhillips is predicted to save a lot of revenue from such limiting where things can go wrong, while increasing revenue.
Most importantly, rescue its carbon footprint in partnership with the Bitcoin miner. Bitcoin mining has been seen as a way many oil and gas companies are able to escape from the negatives of carbon emissions.