The company has launched a bitcoin pilot project in North Dakota’s Bakken in which it sells natural gas, previously burned as a byproduct, to a bitcoin mining farm.
The Bakken is home to one of the largest oil and natural gas fields in the United States, making North Dakota the second largest oil-producing state in the country, behind only Texas.
ConocoPhillips’ new initiative helps achieve its goal of phasing out the regular flaring of natural gas that is produced by drilling oil wells at production sites.
According to a study conducted by Denver-based Crusoe Energy Systems, with its pilot project, ConocoPhillips will monetize a resource that was previously wasted and reduce its negative impact on the environment. Miners, in turn, get a cheap source of energy to mine BTC.