ConocoPhillips, the international gas and oil giant, has been venturing into the fields of Bitcoin mining as a way of eliminating flaring while operations. According to a report from CNBC, the company has been moving through a pilot scheme in the region of Bakken, North Dakota. Rather than burning excess gas, a byproduct of this oil drilling known as flaring is going to be sold by this country to a third-party miner of Bitcoin- to be used as fuel for the mining.
ConocoPhillips Has Devised A Way To Reduce Gas Emissions
Speaking about the vast impacts on the environment through routine flaring, a representative of the company mentioned that this decision to move into the mining of Bitcoin was heavily reflected in the overarching objective of the company to reduce and finally eliminate routine flaring as soon as possible. In a slide from the 2021 presentation, ConocoPhilips mentioned that it was completely focused on ensuring that the gas capture projects were to achieve zero routine flaring by 2025.
ConocoPhillips has been correct in its assumption that Bitcoin mining does offer quite a profitable and unique solution to the problem of routine flaring. This would also occur when most of the mining companies would be accidentally hitting most of the natural gas formations while they were drilling for oil. Now, while they can easily siphon off the oil and have it collected at any location, the siphoning of natural gas does require a solid pipeline infrastructure.
Incidentally, ConocoPhillips also didn’t disclose which Bitcoin miner it had been selling its services to, nor how long the entire preliminary experiment was supposed to be underway. Crusoe Energy, another oil and gas explorer based in the United States, has also spoken about Bitcoin mining as a major way of profitably reducing emissions.