According to CNBC, ConocoPhillips has begun selling associated gas to a third-party mining company that uses it as fuel.
A company spokesman said the decision to switch to bitcoin mining reflects ConocoPhillips’ primary goal of reducing and eliminating the conventional method of flaring gas.
If miners extract gas at a significant distance from the pipeline, companies are forced to burn it, which is ultimately unprofitable and harmful to the environment.
Instead of wasting gas, bitcoin miners place shipping containers or trailers filled with cryptocurrency mining equipment next to an oil well and direct the gas to generators that power the equipment.
ConocoPhillips reported that using gas for mining can reduce CO2 emissions by 63%.