International oil and gas giant ConocoPhillips has announced its entry into the Bitcoin (BTC) mining business; In an effort to profitably reduce burning gas and carbon emissions.
A CNBC report said the company is currently running a pilot scheme in the oil-rich Bakken region, North Dakota. Instead of burning the excess gas, a by-product of oil exploration known as flaring, the company sells it to a third party mining Bitcoin for use as fuel.
Speaking about the environmental impacts of routine burning, a representative from the company stated that the decision to move to bitcoin mining reflected the company's overall goal of reducing and eventually eliminating routine burning. end as soon as possible, no later than 2030.
In a slide from ConocoPhillips's 2021 presentation, the company stated that it has an ongoing focus on ensuring that capture gas projects achieve zero-flare routine by 2025.< /p>
Bitcoin mining offers a unique and profitable solution to the problem of routine burning, which occurs when mining companies accidentally collide with natural gas formations while drilling for oil.
While oil can be suctioned and collected anywhere, natural gas harvesting requires pipeline infrastructure. If miners strike the gas at any significant distance from the pipeline, the companies are forced to burn or flaring the gas, an unprofitable measure that is ultimately harmful to the environment.
Instead of allowing gas to be wasted, bitcoin miners place shipping containers or trailers full of crypto-mining equipment near an oil well and turn the gas into generators that power the equipment.< /p>
