{"id":11263,"date":"2022-02-15T21:47:36","date_gmt":"2022-02-15T21:47:36","guid":{"rendered":"http:\/\/ci0299ed962000270f"},"modified":"2025-10-01T13:10:37","modified_gmt":"2025-10-01T18:10:37","slug":"conocophillips-is-selling-extra-gas-to-bitcoin-miners","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/conocophillips-is-selling-extra-gas-to-bitcoin-miners","title":{"rendered":"ConocoPhillips Is Selling Extra Gas To Bitcoin Miners"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>ConocoPhillips has one Bitcoin pilot project operating in North Dakota.<\/li>\n<li>The company is selling stranded gas to bitcoin miners in the Bakken, an oil-abundant region in the U.S.<\/li>\n<li>The setup allows the company to monetize gas that would otherwise be wasted while it reduces carbon emissions and enables a bitcoin miner to access cheap energy.<\/li>\n<\/ul>\n<p>Oil and gas giant ConocoPhillips has indirectly entered the bitcoin mining business.<\/p>\n<p>The company has spun up a pilot Bitcoin project in Bakken, North Dakota, through which it sells natural gas that would otherwise be burned for disposal&nbsp;<em>\u2014<\/em>&nbsp;\u201cflared\u201d&nbsp;<em>\u2014<\/em>&nbsp;to a bitcoin mining farm operated by a third party, <a href=\"https:\/\/www.cnbc.com\/2022\/02\/15\/conocophillips-is-selling-extra-gas-to-bitcoin-miners-in-north-dakota.html\" target=\"_blank\" rel=\"noopener\"><em>CNBC<\/em><\/a><em> <\/em>reported.<\/p>\n<p>Bakken houses one of the largest deposits of oil and natural gas in the U.S., a phenomenon that led to the \u201cBakken oil boom\u201d that made the state of North Dakota the second leading oil-producing state in the country, behind only Texas, according to the Earth Resources Observation and Science (EROS) Center.<\/p>\n<p>ConocoPhillips\u2019 Bitcoin initiative helps it achieve its goal of <a href=\"https:\/\/static.conocophillips.com\/files\/resources\/conocophillips-2020-climate-change-report.pdf\" target=\"_blank\" rel=\"noopener\">phasing out the practice of routinely burning off natural gas<\/a> that it finds while drilling for oil in its <a href=\"https:\/\/www.conocophillips.com\/operations\/lower-48\/\" target=\"_blank\" rel=\"noopener\">largest segments by production<\/a>.<\/p>\n<p>Oil and gas companies have for decades resorted to flaring <a href=\"https:\/\/www.energyforgrowth.org\/memo\/gas-flaring-why-does-it-happen-and-what-can-stop-it\/\" target=\"_blank\" rel=\"noopener\">when gas is produced as a byproduct of oil extraction<\/a> and there is no nearby infrastructure available to put the gas to use. Even though flaring is better than venting&nbsp;<em>\u2014<\/em>&nbsp;directly liberating the gas to the air&nbsp;<em>\u2014<\/em>&nbsp;it still poses some issues; not only does it pollute but it also is wasteful as it is effectively burning money.<\/p>\n<p>With its Bitcoin pilot, ConocoPhillips is both monetizing energy that would otherwise be wasted and reducing its environmental impact as the process reduces CO2-equivalent emissions by over 60% compared to routinely flaring, <a href=\"https:\/\/www.crusoeenergy.com\/blog\/3MyNTKiT6wqsEWKhP0BeY\/understanding-the-problem-crusoe-solves\" target=\"_blank\" rel=\"noopener\">according to research by Denver-based Crusoe Energy Systems<\/a>. On the other side of the spectrum, the mutually-beneficial collaboration enables a bitcoin miner to turn stranded energy into increased security for the Bitcoin network and monetary profits for its business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With its Bitcoin pilot, ConocoPhillips is both monetizing energy that would otherwise be wasted and reducing its emissions.<\/p>\n","protected":false},"author":2572,"featured_media":11264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[437,2559,2474,93,1062],"class_list":["post-11263","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bitcoin-miners","tag-conocophillips","tag-gas","tag-news","tag-oil"],"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitcoin-miner-demand-outstripping-supply-in-china.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=11263"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/11264"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=11263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=11263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=11263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}