ConocoPhillips Converts Excess Gas From Oil Drilling Into Bitcoin
Oil and gas exploration and production giant, ConocoPhillips (COP), is making use of excess natural gas from one of its Bakken region projects in North Dakota to provide power to a bitcoin (BTC) mining business.
According to the company, it is part of a Bitcoin pilot project that it is conducting with an undisclosed third party, managing the mining operations.
ConocoPhilips therefore sets a great example, by not only mitigating the environmental implications of flare gas, but also avoiding money to be burned by not monetizing on the excess gas that is burned off into the atmosphere as part of oil drilling operations.
According to research, converting the gas into electricity can cut CO2-equivalent emissions by as much as 63% continued to continued flaring.
ConocoPhilips is a founding member of the OOC Oil & Gas Blockchain Consortium, a group of energy companies looking to establish “key blockchain standards, frameworks and capabilities” within the industry.
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Source: igaming
